Abu Dhabi National Energy Company powers over the Dh1bn earnings mark

Taqa pursues Mena-region project despite unrest as the Abu Dhabi company racks up earnings more than Dh1 billion.

The political unrest in the Mena region has not deterred the Abu Dhabi National Energy Company, also known as Taqa, from pursuing further projects there.

Last month, Taqa was among the 11 companies and groups that the Kuwait government's Partnerships Technical Bureau pre-qualified to bid for a contract to build a 1,000 megawatt gas-fired power plant in the centre of Kuwait City.

"It's part of our strategy to grow in the Mena region," Carl Sheldon (CK), the general manager of Taqa, told reporters today. "There's a lot of demand for additional generating capacity right across the region."

Taqa had net earnings for last year of Dh1.02 billion (US$277.9 million), a sharp improvement from Dh182m in 2009. In its audited financial results for the year, released today, it revised the 2010 earnings figure upwards from the Dh937m unaudited amount posted earlier.

Mr Sheldon attributed the revision to the recent completion of a review of Taqa's year-end oil and gas reserves, which concluded that the company had proved up more additional reserves in western Canada than it had previously estimated: "We had better success with the drill-bit than expected."

He attributed the stronger financial performance to higher oil and gas prices and the strength of Taqa's power business.

The company had completed all necessary refinancing requirements for this year and had no further refinancings looming until October, 2012, Mr Sheldon added.

Taqa declared a dividend today of 10 fils per share, the same as last year and representing about 59 per cent of the company's total earnings per share.