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FINANCIAL NEWS
UAE’s TAQA Q3 net profit grows to USD146.2m
15 Nov 2011
(MENAFN) Abu Dhabi National Energy Co (TAQA) said that driven by growing crude prices and output, net profit during the third quarter grew to USD146.2 million, compared with USD59 million in 2010’s same period, reported Emirates 24/7.
The company added that oil and gas revenues surged 68 percent reaching USD734 million, whereas revenues in the quarter rose from last year’s USD1.4 billion to USD1.68 billion.
It also said that the UAE firm planned to invest in power production in Europe, a move that would permit the company to integrate its existing gas output and huge storage facility in the Netherlands.
It is worth noting that Abu Dhabi government owns a 75 percent stake in TAQA.
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