The Abu Dhabi National Energy Company, or TAQA, has reported preliminary profits of AED2 billion for the year 2008, an 89% increase compared to the preliminary profits for the year 2007.
According to TAQA, it has reported preliminary revenues of AED16.9 billion for the year 2008, a 102% increase compared to AED8.3 billion for the 2007.
The company has reported that total assets grew by 29% to reach AED88 billion in 2008, compared to the total assets in 2007.
TAQA said that in June 2008, it announced the issuance of AED 4.15 billion (US$1.1bn) of convertible bonds which converted into common shares on 1 September 2008. The new shares commenced trading on the Abu Dhabi Securities Exchange on 16 October 2008.
Again on 7 July 2008, the company announced that TAQA Bratani had signed a sale and purchase agreement with Shell U.K. Limited and Esso Exploration and Production (UK) Limited to purchase the equity pertaining to operating licenses for six offshore fields in the UK North Sea. The US$631 million acquisition closed on 2 December 2008.
Peter Barker-Homek, CEO of TAQA, said: “During 2008, TAQA built on the progress we made in 2007, making our business into a global integrated energy company. The year was characterized by two achievements; ability to deliver financial growth in market disruption and volatility and the execution of select transactions that will be value accretive to our group.”
