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The bombing has killed more than 1,110 people and displaced up to one million in Lebanon, according to official figures
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Low Oil Prices Hit Taqa Profit
ABU DHABI — Abu Dhabi National Energy Company PJSC full-year 2009 net profit fell 89.99 per cent to Dh183 million, due to lower oil prices.
Abu Dhabi Securities Exchange listed energy firm Taqa’s revenues rose marginally by 0.8 per cent to Dh16.942 billion from Dh16.806 billion in the previous period. However, Abu Dhabi-based energy company reported assets expansion by six per cent to Dh91.7 billion in the year that saw oil prices plunging to new lows. The company’s preliminary profits for the year were Dh183 million down from Dh1.825 billion in 2008, the company said on Sunday.
Basic earnings per fell 91.66 per cent to 3 fils in 2009 down from 36 fils, in previous year. TAQA General Manager Carl Sheldon said 2009 marked a pivotal year for the energy firm.
“The diversification of our portfolio demonstrated its value as the solid revenues from our downstream portfolio offset lower commodity prices in our upstream businesses,” the general manager said, in a statement.
He said the company changed its course from an acquisitive company into one focussed on organic growth and asset optimisation. “We are committed to integrating our assets to realise their full potential”, he said.
The general manager said TAQA has substantial opportunity to drive organic growth within its business, with the Jorf Lasfar expansion, Fujairah 2 transfer and Bergermeer Gas Storage, and new drilling programmes in the Northern North Sea and the Horn River Basin. —haseeb@khaleejtimes.com
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