• 30 Apr 2008
  • Global

TAQA First Quarter 2008 Financial Results

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today reported financial results for the first quarter 2008.Since first quarter 2007 TAQA has made a number of acquisitions which have been fully or partially consolidated into the period under review. Following Q1’07, TAQA acquired CMS Generation, providing additional breadth to the company’s downstream activities, while the acquisition of Northrock Resources and Pioneer Canada significantly increased TAQA’s upstream assets. The largest company acquisition to date, PrimeWest, which was completed on 16 January 2008, is included in the company’s financial results, herewith, for the first time. The effect of these acquisitions should be considered when making year-on-year comparisons.Key highlights of the results for Q1 2008:Upstream and midstream:Downstream:Comment:Peter Barker-Homek, Chief Executive Officer of TAQA, said:
“The results for the first quarter of 2008 tell a very different story to that of Q1’07 due to the acquisitions made during the year. Integration has been a major focus for the quarter, and for the first time we can begin to see the impact of the acquisitions we have made in the last year, including PrimeWest, the company’s largest acquisition to date.“I am proud to report a net profit of AED 398 million for the quarter which has significantly boosted the Earnings Per Share. Whilst the acquisitions made in 2007 together with a back drop of high oil and gas prices have contributed heavily to revenue and profit, we have also witnessed respectable organic growth of our existing portfolio.We will continue to focus on the integration of our acquisitions over the coming quarter and beyond, to ensure efficiency within our operations and develop our positioning as a global energy company.”Corporate activity during the period:During 2007, TAQA made strategic acquisitions that have transformed it into a global energy company comprised of quality energy assets. Today, TAQA operates in nine countries, and employs 2,800 people who come from 38 different nations.On 16 January 2008, TAQA completed its Cdn $5 billion acquisition of PrimeWest Energy Trust. This is TAQA’s largest acquisition to date and now affords TAQA a position as one of Canada’s top ten energy companies in terms of net proven natural gas reserves and in the top 12 in terms of oil and gas production.In January 2008 TAQA agreed to a $3.1 billion, one-year credit facility with several international lenders and to a $1.3 billion, two and a half year credit facility with a syndicate of lenders in Canada.- 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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