Abu Dhabi National Energy Company (TAQA) stated that net profit after minority interests for the second quarter of 2008 increased 154% to AED471 million, compared to AED186 million for the second quarter of 2007.
TAQA’s earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 152% to AED5.2 billion for the first six months of 2008, compared with AED2.1 billion for the same period in 2007. EBITDA for the second quarter of 2008 increased by 156% to AED2.9 billion, compared with AED1.1 billion in the second quarter of 2007.
Total revenue grew by 202% to AED8.6 billion for the first half of 2008, compared with AED2.8 billion for the same period in 2007. For the second quarter of 2008, total revenue grew by 155% to AED4.6 billion, compared with AED1.8 billion for the same period in 2007.
Peter Barker-Homek, CEO of TAQA, said: These results show the significant change in the nature of our business compared to just 12 months ago. While our domestic power generation and water desalination assets have continued to deliver solid performance, we are now seeing the full impact of the acquisitions made in the past year on TAQA’s results. High oil and gas prices have also boosted growth in revenue and profits.
