TAQA reports net profit of Dhs537million in Q3

Abu Dhabi, Nov 16, 2011 (WAM) - Abu Dhabi National Energy Co. or Taqa generated during third quarter of 2011 total revenues of Dh6.2 billion, resulting in EBITDA of Dh3.7 billion and Net Profit after Minority Interests of Dh537 million - more than double the profit for the same period last year. This strong performance was the impact of positive oil prices, plus the net impact of TAQA's expanded Power '&' Water operations, and a small increase in global oil and gas production led by TAQA's UK North Sea operations. Abdulla Saif Al Nuaimi, Vice Chairman of TAQA, said: "TAQA's growth and exceptional operational performance is evident in this positive set of results, which reflect the continued commitment of the Board and management team in building TAQA into a world-class, diversified energy company." Carl Sheldon, Chief Executive Officer of TAQA, said: "Global demand for fuel and power continues to grow, with Middle Eastern markets, in particular, demonstrating attractive supply/demand dynamics. TAQA's operational excellence and experience positions us well to meet this demand. The recently announced WesternZagros deal in the Kurdish region of Iraq is an example of us growing our footprint in the IMENA region and entering new countries with attractive market dynamics, in line with our stated strategy." For his part, Stephen Kersley, Chief Financial Officer of TAQA, said: "Once again, these results demonstrate the benefit we derive from TAQA's diversified business model. With continued strong revenue growth and careful cost control, the third quarter characterises TAQA's performance for 2011 so far." - Emirates News Agency, WAM