Taqa swings to loss in Q2 as pandemic impacts global energy market

Abu Dhabi National Energy Company, also known as Taqa, swung to a Dh205 million net loss in the second quarter, from a net profit of Dh208m for the same period last year, due to the adverse impact of the pandemic on global energy markets.

Gross revenues fell 28 per cent to Dh3.3 billion for the quarter ending June 30, while realised prices for oil and gas dropped 62 per cent compared with the same period last year, Taqa said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.

Revenue from the company’s utilities business in the UAE remained unchanged, while the international segment was impacted due to lower demand.

"As we look ahead, Taqa's new transmission and distribution businesses will complement its expanded generation business, supporting efficient delivery of power and water to those we serve in Abu Dhabi and beyond,” the company’s new group chief executive Jasim Thabet said.

Taqa finalised a deal with Abu Dhabi Power Corporation last month to create one of the largest utility companies in Europe, the Middle East and Africa with Dh200bn of assets.

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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

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Slow loris biog

From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore

Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets

Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation

Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night

Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

The specs: 2018 BMW X2 and X3

Price, as tested: Dh255,150 (X2); Dh383,250 (X3)

Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)

Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)

Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)

Australia World Cup squad

Aaron Finch (capt), Usman Khawaja, David Warner, Steve Smith, Shaun Marsh, Glenn Maxwell, Marcus Stoinis, Alex Carey, Pat Cummins, Mitchell Starc, Jhye Richardson, Nathan Coulter-Nile, Jason Behrendorff, Nathan Lyon, Adam Zampa

Results

6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m

Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)

6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m

Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor

7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m

Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer

7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m

Winner: Desert Fire, Hector Crouch, Saeed bin Suroor

8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m

Winner: Naval Crown, William Buick, Charlie Appleby

8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m

Winner: Al Tariq, Pat Dobbs, Doug Watsons

9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m

Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor

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Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin