Abu Dhabi’s TAQA net profit down 27 percent in Q3

12 Nov 2014

(MENAFN) Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, announced it has registered a decline in its net profit by 27 percent during the July-September period of this year, Arabian Business reported.

During the third quarter of this year, TAQA, which the government of Abu Dhabi owns 75 percent of its stake, said that it has posted USD29.1 million in net profit, a decline compared with USD39.73 million which was registered during the corresponding period of 2013.

Meanwhile, the company’s pretax profit reached USD169.29 million during the cited period, increasing from USD160.85 million registered during the same quarter last year, while its revenue reached USD1.88 billion, which is a decrease in comparison with USD1.99 billion in the corresponding period last year.

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