Buyouts increase Aabar's profits

ABU DHABI — Aabar Petroleum Investments Company PJSC (Aabar)yesterday reported a rise in operating profit from Dh2.7 million in the January-March period of this year to Dh36.6 million in the April-June period.

By A Staff Reporter

Published: Tue 1 Aug 2006, 10:24 AM

Last updated: Sat 4 Apr 2015, 2:01 PM

The company attributed the substantial increase in operating profit mainly to the acquisition of Singapore-based Pearl Energy. Aabar's net profit of Dh19.4 million for the second quarter of 2006 pushed up the net profit for the first half of the year to Dh64.3 million. This translates into earnings per share (EPS) of Dh7.14 for the first half.

Aabar has also recorded revenue of Dh258.7 million in the second quarter of 2006 as against revenue of Dh65.8 million in the previous quarter. The total revenue for the first half of the year was Dh324 million.

"The significant growth in revenues and enhanced company performance in the second quarter can be attributed largely to Aabar's acquisition of Pearl Energy, the Singapore-based oil and gas exploration and production company," said Sohail Al Mazrui, Chairman of Aabar.

During the second quarter of 2006, Pearl Energy, which is now Aabar's wholly-owned subsidiary, produced an average of 12,081 barrels of oil per day. The oil production operations were conducted in four contract areas in Indonesia and Thailand.

"In the coming years we intend to continue the rapid roll out of our expansion plans which involve making oil and gas exploration our core business,"added Al Mazrui.

Aabar's drilling operations conducted through Dalma Energy LLC, another of Aabar's wholly-owned subsidiaries, also displayed strong growth. The addition of three rigs in the April to June quarter to the rig portfolio brought the total number of working rigs to 17. Six of these rigs were being operated in Saudi Arabia, eight in Oman, two in India and the remaining one in Qatar. Another rig that is undergoing major refurbishment will be contracted to Saudi Aramco when completed.

The construction of four brand new rigs is expected to be completed by the end of 2006.

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