November 02, 2024

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TAQA reports AED513 million profit for H1 2014

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Abu Dhabi National Energy Company, TAQA
Abu Dhabi National Energy Company, TAQA

 Abu Dhabi National Energy Company, TAQA, today announced a net profit of AED513 million for the first half of 2014.

The company achieved record oil and gas production, generating almost 158,000 barrels of oil per day (boe/d) during the period, representing a 24 percent increase against the first half of 2013.

TAQA’s production growth and high North American gas prices helped raise it’s underlying revenues to AED11.3 billion, up 29 percent year-on-year, and resulted in the company’s highest ever EBITDA of AED7.9 billion, up 42 percent compared with H1 2013.

As a result of group strategy changes and a re-organisation, which was announced in May 2014, TAQA maintained its existing operating expenditure levels, while achieving higher production, despite an escalating cost environment. General and http://www.businesstoday.me/wp-content/uploads/2022/12/sample10.jpgistrative costs were reduced by 15 percent year-on-year.

TAQA’s net profit was AED513 million, up from a loss of AED66 million in H1 2013, delivering earnings of 9 Fils per share.

Source : WAM News Agency for United Arab Emirates

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