Taqa Q3 net profit up 172pc

ABU DHABI — The Abu Dhabi National Energy Company (Taqa) reported strong financial results for the third quarter of the year ending September 30, 2007 with profit growing to Dh215.7 million, up 172 per cent compared to the same period last year.

By A Staff Reporter

Published: Thu 1 Nov 2007, 8:58 AM

Last updated: Sat 4 Apr 2015, 11:09 PM

Total revenue reached Dh2.45 billion compared with Dh874.9 million for the same period in 2006, an increase of 181 per cent.

Revenue from the electricity and water business grew by 35 per cent to Dh1.2 billion, from Dh874 million for the same period in 2006. This does not include supplemental fuel sales to allow for a like-for-like comparison.

Revenue from oil and gas accounted for Dh334 million there is no comparable like-for-like figure in 2006.

This figure includes gas storage revenue.

EBITDA was Dh1.3 billion for Q3 2007, giving an EBITDA margin of 52 per cent versus EBITDA of Dh585 million and a margin of 66 per cent in the same period in 2006. EBITDA margin for 2007 excluding supplementary fuel would be 85 per cent.

Finance costs increased from Dh296 million to Dh644 million, to fund acquisitions. Basic earnings-per-share rose 50 per cent to Dh0.03 for the quarter.

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