Abu Dhabi National Energy Company, better known as Taqa, on Monday announced that its first-half profit jumped to Dh458 million from Dh176m for the corresponding period last year, an increase of 160 per cent.
In a statement to Abu Dhabi Securities Exchange, it said revenues also saw an increase of 16 per cent in the first half of 2010 to Dh9.917 billion from Dh8.580bn in H1 2009.
Earnings per share jumped by 159 per cent to Dh7.5 from Dh2.9.
The company said net debt to capital dropped three per cent to 80.4 per cent in H1 2010 against the same period last year.
During the second quarter of 2010, Taqa net profit rose 26 per cent to Dh171m from Dh136m in second-quarter 2009; while second-quarter revenues rose 17 per cent to Dh5.141bn due to higher supplemental fuel income, improved performance in domestic power and water business and stable contributions from international power and water business.
Abdulla Saif Al Nuaimi, CEO and Managing Director of Taqa, said: “The quarter under review demonstrates the progress we are making in delivering against our strategic objectives. The balance of our portfolio of assets worldwide has once again produced robust financial performance. Emirates Business
