FINANCIAL NEWS

UAE- Taqa reports 26% rise in Q2 profits

10 Aug 2010

(MENAFN) Abu Dhabi National Energy Company (Taqa) said that its fiscal second quarter net profit rose 26 percent on year to $46.7 million on the back of higher oil and natural gas prices.

For the first half of the current financial year, Taqa’s net profit rose a whopping 160 per cent on year to $125.2 million, while revenue for the same period rose 16 percent on year to $2.7 billion.

During the quarter ended June, Taqa bought a 40 percent stake in Oman’s Sohar Aluminium for about $400 million.

The aluminium smelter and accompanying 1,000 megawatt power plant gives Taqa access to a new market and complements its existing footprint in the Middle East and North Africa (Mena) region.

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