Abu Dhabi National Energy Company (Taqa) on Thursday reported a consecutive quarterly profit compared with a year earlier loss, on the back of higher oil and gas revenues as the company presses on with a two-year restructuring program.
The company’s profit attributable to equity holders of the parent was Dh35 million in the second quarter, compared with a loss of Dh588m in the same period last year. Quarterly revenue was Dh4.21 billion in the three months ending in June, compared to the previous year at Dh4.04bn.
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"Against the backdrop of a prolonged lower oil and gas price environment, Taqa will continue to concentrate on safe and efficient operations while looking for opportunities to optimise our portfolio," the company said in a statement.
For the first half of the year, Taqa had a 5 per cent increase with revenues at Dh8.4bn, which the company said was mostly driven by the impact of higher realised oil and gas prices. Saeed Al Dhaheri, Taqa’s acting chief operating officer, said that the first half results were driven by “strong operational performance, continued efficiency improvements and a focus on core operations”.
Taqa, majority owned by Abu Dhabi Water and Electricity Authority (Adwea), began slashing investment in 2015 while divesting in some of its assets in Canada.
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Operating in 11 countries, Taqa’s downstream power assets are strong with a near monopoly in Abu Dhabi as well as plants in Oman, Saudi Arabia India, Ghana, Morocco and the US. Power generation output has remained stable so far this year.
But on the horizon is Atrush project in the Kurdistan region of Iraq after oil production began last month. “Atrush will be a significant contributor to the group’s long-term cash flows and net income,” said Mr Al Dhaheri.
Taqa is operator of the block, located 85 kilometres of Erbil, with initial production expected to produce 30,000 barrels of oil equivalent per day this year.
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Mr Al Dhaheri added that Taqa would continue to concentrate on efficiency while looking for ways to optimise the company’s portfolio.
The Abu Dhabi-listed company shares opened at 50 fils.
UAE currency: the story behind the money in your pockets
Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
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8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
The biog
Birthday: February 22, 1956
Born: Madahha near Chittagong, Bangladesh
Arrived in UAE: 1978
Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.
Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
England v South Africa schedule
- First Test: Starts Thursday, Lord's, 2pm (UAE)
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
