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UAE’s TAQA 2011’s profit down 26%

15 Feb 2012

(MENAFN) UAE’s TAQA said that 2011 profit fell 26 percent to USD204.74 million, compared with USD277 million in 2010, reported Arab News.

The Abu Dhabi National Energy Company added that profit was hurt by one-time charge of USD143.7 million at its TAQA North unit and UK taxes on oil and gas producers, which was USD432 million more than 2010.

The firm, which is a major shareholder in the Netherland’s Bergermeer field, also said that total assets in the year dropped 1 percent to USD31.25 billion, from USD31.58 billion in the previous year, while revenues jumped 14 percent to USD6.64 billion.

It is worth noting that Abu Dhabi-listed TAQA, which is 75- percent owned by the government of Abu Dhabi, invests in oil and gas overseas, also operates power plants in Morocco, Saudi, Ghana, India and the US.

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