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TAQA Profits Tumble 90pc
ABU DHABI — Abu Dhabi National Energy Company or TAQA saw profits tumbling 90 per cent to Dh40 million in the first-quarter of the year, down from Dh398 million in the comparable period, as oil and gas prices plummet in the wake of the global economic slowdown.
The energy company’s revenues, however, increased by five per cent to Dh4.2 billion in the three-month period — up from Dh4 billion last year.
Earnings before Interest, Taxes, Depreciation and Amortisation or EBITDA was down by Dh1.9 billion against Dh2.3 billion in the January-March period last year.
Revenues from oil and gas activities including gas storage dropped to Dh1.8 billion, down from Dh2.1 billion
or 14.28 per cent.
Average net realised price of crude oil sold was $35.78 per barrel for TAQA North, $57.42 per barrel for TAQA Bratani and $58.64 per barrel for TAQA Energy, part of the company.
However, revenues from utility businesses excluding supplemental fuel rose 14 per cent to Dh1.4 billion — up against Dh1.2 billion in the previous year. Peter Barker-Homek, Chief Executive Officer of TAQA said that there is little doubt that the first-quarter of 2009 has been the most challenging one to-date for both TAQA and the global economy.
Analysts were not surprised on the earnings, in view of plummeting oil and gas prices, Bobby Sarkar, an energy analyst at Al Mal Capital, told Khaleej Times. However, Sarkar, who projected Dh16.9 billion revenues for the year, was quite satisfied with the Dh4.2 billion in sales which the company reported in Q1.
The total oil and gas production was 139.3 thousand barrels of oil equivalent per day or mboe/day in the first-quarter of 2009 — up from 112.3 mboe/day last year. Total assets as at March 31, 2009, were Dh87.0 billion.
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