TAQA reports profit of AED 513 million for H1 2014
TAQA, the Abu Dhabi National Energy Company, today announced a net profit of AED 513 million for the first half of 2014.
TAQA achieved record oil and gas production, averaging 158,000 barrels of oil equivalent per day (boe/d) during the period, representing a 24% increase against the first half of 2013. This significant production growth, combined with operational efficiencies and higher North American gas prices, raised TAQA’s underlying revenues to AED 11.3 billion, up 29% year-on-year, and resulted in the company’s highest ever EBITDA of AED
7.9 billion, up 42% against H1 2013.
As a result of the group strategy changes and reorganisation announced in May 2014, TAQA maintained existing operating expenditure levels while achieving higher production, despite an escalating cost environment. General and administrative (G&A) costs were reduced by 15% year-on-year.
TAQA’s net profit was AED 513 million, up from a loss of AED66 million in H1 2013, delivering earnings of 9 Fils per share.
Edward LaFehr, Chief Operating Officer, said: “We have seen a great performance during the first half. Record oil and gas production and strong prices have driven our EBITDA to its highest levels. We are starting to see the results of our focused strategy bearing fruit, with safety and operational excellence at the core of everything we do. Greater efficiencies and cost control, combined with a conservative view on growth projects and acquisitions, will ensure we can deliver our commitment to reduce debt and improve financial performance.”
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