• 07 Aug 2008
  • Global

TAQA Second Quarter and First Half 2008 Financial Results – TAQA’s growth strategy delivers AED 8.6 billion in revenue for the first six months of 2008

Basic earnings per share grows 249% to 21 fils for the halfAbu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the second quarter and first half of 2008.Key highlights of the results for the first six months of 2008:Key highlights of the results for the second quarter of 2008:Upstream and midstreamCommentPeter Barker-Homek, Chief Executive Officer of TAQA, said:
“These results show the significant change in the nature of our business compared to just 12 months ago. While our domestic power generation and water desalination assets have continued to deliver solid performance, we are now seeing the full impact of the acquisitions made in the past year on TAQA’s results. High oil and gas prices have also boosted growth in revenue and profits.“For the second quarter in a row we have seen profit growth of over 150% in a year-on-year comparison, and 32% compared with the first quarter of 2008. This substantial growth is reflected in earnings per share of 21 fils for the first six months of 2008 compared to six fils last year.“Our focus now, as a management team, is to ensure the continued and effective integration of these, and other high-quality assets, into TAQA’s business. This process has been underway for some time and, as you would expect, we are already seeing the benefits of this.”Corporate activity during Q2 2008In June, TAQA announced the issuance of AED 4.15 billion of convertible bonds which will convert into common shares on September 1, 2008 at an exchange ratio of 500 shares for each AED 1,000 bond.Activity after the close of the periodOn July 7, TAQA announced it 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 and two non-operated subsea tie-backs situated in the Northern North Sea. Average expected daily production in the region of 40 mboe/day will represent a significant increase to TAQA’s existing European footprint.In July, TAQA issued US $1.5 billion of notes under its Medium Term Note program. The offering consisted of US $1.0 billion of five year notes maturing in 2013 and US $0.5 billion of 10-year notes maturing in 2018.Note on comparative dataSince the beginning of 2007, TAQA has completed a number of acquisitions which have been fully or partially consolidated into the period under review. In Q2 2007, TAQA completed the acquisition of CMS Generation, contributing two months of revenue to that quarter. In subsequent months TAQA acquired Northrock Resources and Pioneer Canada, significantly increasing the company’s upstream assets. The largest company acquisition to date, PrimeWest, was completed on January 16, 2008, and a full quarter of results is included for the first time. The effect of these acquisitions should be considered when making year-on-year comparisons.- ENDS -Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

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