The Abu Dhabi National Energy Company, also known as Taqa, posted a net profit increase of about fivefold for the second quarter as it continued to benefit from higher, stable energy prices.
Net profit attributable to equity holders for the three months ending June 30 surged to Dh168 million, the company said on Thursday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Taqa's improvement in performance is due to "higher operational efficiencies" across the oil and gas as well as the power and water business, said Taqa chairman Saeed Al Hajeri. The company was “well positioned for growth" and Taqa is set to deploy its international expertise on new initiatives "with a focus on power", where it anticipates strong demand in the coming years, especially in the Middle East and North Africa region, he said.
Taqa, which has utilities regulator Abu Dhabi Water and Electricity Authority as a majority stakeholder, swung back to profit last year after posting a record Dh22 billion loss in 2016 on the back of deterioration in the value of assets in North America, Europe and Iraq. Adwea helped steady the firm back into profitability last year by transferring land valued at Dh18.7bn from its own power and water sites, thus swallowing the entire loss of equity value itself.
In its latest quarterly results, Taqa cited the recent handover of management control of its Indian entity Himachal Sorang Power Limited to Greenko East Coast Power Projects for a Dh86m gain as having contributed to its higher profits. The company also reported gains on the sale of land relating to oil and gas assets.
Around 50 per cent of Taqa’s five-fold increase in profit for the second quarter was largely due to the “one-time gain” from the India deal, which “will not continue in the upcoming quarters,” said Vijay Valecha, chief financial analyst at Century Financial Brokers.
“The robust operational and financial performance of the utility sector coupled with sustained cost efficiencies contributed to 50 per cent of the profits,” he added.
He expected the Abu Dhabi firm to sustain its performance on the back of steadier oil prices, but anticipated a slight dip in profit numbers over the coming quarters.
Net profit for the first six months of the year, meanwhile, saw a 148 per cent increase to Dh278m for the same period last year.
Taqa, which has operations in Iraq, Canada and Europe, said revenues remained almost flat year-on-year, with Dh4.26bn registered for the three-month period ending June 30, compared with a year earlier.
Stagnant revenues were mainly due to flat performance from its oil and gas assets. This performance was offset by higher revenue from its utilities sector, which rose to Dh2.43bn for the second quarter, compared with Dh2.38bn a year earlier. Higher fuel and gas storage as well as other operating revenues also contributed to its total revenue for the period.
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Taqa bounces back with 42% gain in Q1 profit on higher energy prices
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Taqa’s big earner remains its power and water business, which includes assets in the UAE, India, Morocco, Ghana as well as the US, which delivered steady income.
A higher oil price environment has helped buoy the operator’s profitability across assets in Europe, according to Saeed Al Dhaheri, the company’s acting chief operating officer.
Taqa, which earlier this year transformed its Eider platform in the North Sea to a utility in a bid to extend the life of its fields in the northern hydrocarbons basin, said it would work to continue to revive productioni in the area.
“That means deploying our expertise to extend the life of our oil and gas assets in Europe, and harnessing unconventional technologies and allocating greater capital to the production of liquids in North America,” said Mr Al Dhaheri.
Long-term financing costs for the firm were lowered following the completion of a $1.75bn dual-tranche bond issue in April, which was 4.7 times subscribed.
The company’s cash flow for the first half stood at Dh3.4bn, with liquidity remaining strong at Dh14.6bn, including Dh4bn in cash and cash equivalents, with Dh10.6bn in undrawn credit facilities.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
COMPANY%20PROFILE
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THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Company%20Profile
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
COMPANY%20PROFILE%20
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COMPANY%20PROFILE
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Origin
Dan Brown
Doubleday
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
CREW
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERajesh%20A%20Krishnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ETabu%2C%20Kareena%20Kapoor%20Khan%2C%20Kriti%20Sanon%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan