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UAE’s Taqa profit hits USD74m in Q1

14 May 2014

(MENAFN) Taqa, the Abu Dhabi National Energy Company, recorded a significant growth in net profit during the first quarter of the current year due to rising prices of gas in North Africa, and a recovery in UK North Sea output, according to the National.ae.

The company’s net profit was estimated at USD74.58 million for the first quarter compared to USD28.85 million in the same quarter of 2013.

The company’s revenue also improved 34 percent to reach USD1.97 billion for the three-month period.

Taqa’s chief financial officer Stephen Kersley said: “Our first quarter result was helped by the restoration of North Sea oil production at Cormorant Alpha and higher natural gas prices in North America, but we also demonstrated our ability to increase capital efficiency and control costs.”

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