Abu Dhabi National Energy Company (Taqa), a state-owned oil explorer and power supplier, on Thursday said first-quarter net profit more than tripled, helped by a gain on sale of some of its non-core Canadian assets. The state-owned utility made a profit of Dh534 million ($145.5 million) for the quarter, compared with Dh152 million in the year-ago period, it said in a statement to the Abu Dhabi bourse. Taqa, which is 75-per cent owned by the government of Abu Dhabi, disposed of certain non-core assets in Canada during the first-quarter, making a gain of Dh378 million, it said. The quarterly results also included a one-off gain of Dh92 million from a change in fair value of its Otter field acquisition in the UK North Sea, the statement said. Revenue for the quarter rose five per cent to Dh5.7 billion. In May, Taqa said it plans to start work on its delayed gas storage project in the Netherlands in July following approval from the Dutch government. Taqa, which owns assets in Canada and Europe, also sold a 650 million Malaysian ringgit ($215 million) denominated Islamic bond or sukuk in February, as part of plans to diversify its funding sources.
GMT 18:36 2017 Tuesday ,26 December
Scenting a recovery, oil producers ratchet up spendingGMT 20:43 2017 Monday ,25 December
Oil markets will witness balance in 2018: Iraqi Oil MinisterGMT 16:17 2017 Sunday ,24 December
Iraq invites bids for new oil pipelineGMT 14:26 2017 Friday ,22 December
Energy prices bump key US inflation index up in NovemberGMT 17:59 2017 Tuesday ,19 December
Japan trade surplus drops sharply on higher oil importsGMT 17:31 2017 Thursday ,14 December
Energy costs push US consumer inflation higher as Fed meetsGMT 15:30 2017 Wednesday ,29 November
Shell resumes all-cash dividend as oil price recoversGMT 13:22 2017 Sunday ,26 November
Chinese demand teaser to weigh on Vienna oil summit
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor