Abu Dhabi’s TAQA Swings To Q3 Profit

The energy firm reported a net profit of 146 million dirhams for Q3, compared with a loss of Dhs288 million in the corresponding period of 2012.



Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, swung to a profit in the third quarter, saying its key operations had returned to full production.

TAQA, 75 per cent owned by the government of Abu Dhabi, reported a net profit of 146 million dirhams ($40 million) for the quarter ending September 30, compared with a loss of Dhs288 million in the corresponding period of 2012, the company said in a statement.

Revenue for the quarter was Dhs7.4 billion ($2 billion), a decrease from Dhs8.8 billion generated in the prior-year period. Oil and gas revenues, however, grew 28 per cent in the third quarter to Dhs3.8 billion.

TAQA said its Cormorant Alpha field in the North Sea – shut down earlier this year – returned to production on June 30 with full output restored on August 24.

TAQA has investments in the energy and power sector in the Middle East, India, Africa, the U.K. and north America.