The Abu Dhabi Energy Co., also known as Taqa, posted a 42 per cent rise in first-quarter net profit, boosted by higher energy prices and improvement in the company’s power and water business.
The company which has operations in Abu Dhabi, Iraq, Canada and Europe said net income advanced to Dh110 million in the first three months of the year from the same period a year earlier. Total revenues rose 5 per cent to Dh4.3 billion, the company said in an emailed statement. Earnings before interest, taxes, depreciation and amortization fell 4 per cent in 2017 to Dh2.3bn compared to Dh2.4bn in the same period last year due to forex losses and increased tariff and trading expenses.
“Taqa’s performance continues to improve steadily, underpinned by our focus on driving sustainable efficiencies through the business,” said Saeed Mubarak Al Hajeri, Taqa’a chairman. “The company is continuously strengthening its financial position," Mr Al Hajeri added citing the successful raising last month of $1.75bn through a bond issue to help the company refinance exiting debt.
"Taqa is concentrating on optimizing its assets in the oil and gas business while studying growth opportunities in the power and water sector,” he said.
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Read More:
[ Taqa raises $1.75 billion in two tranche bond issue ]
[ Taqa swings to profit in 2017 after posting a record loss in 2016 ]
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Taqa’s global power and water business produced 18,773 gigawatt hours (GWh) in the first quarter of 2018 compared to 18,516 GWh in the corresponding period last year. The company’s UAE operations produced 12,157 GWh of electricity and 56,273 million imperial gallon of desalinated water in the first quarter.
“Our oil and gas business continues to feel the benefit of the sustained cost efficiencies and higher hydrocarbon prices,” said Saeed Hamad Al Dhaheri, Taqa’s acting chief operating officer."
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
SHAITTAN
Director: Vikas Bahl
Starring: Ajay Devgn, R. Madhavan, Jyothika, Janaki Bodiwala
Rating: 3/5
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
MATCH INFO
Manchester City 0
Wolves 2 (Traore 80', 90+4')
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Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
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Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
Moving Out 2
Developer: SMG Studio
Publisher: Team17
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 4/5
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
The five pillars of Islam
Five calorie-packed Ramadan drinks
Rooh Afza
100ml contains 414 calories
Tang orange drink
100ml serving contains 300 calories
Carob beverage mix
100ml serving contains about 300 calories
Qamar Al Din apricot drink
100ml saving contains 61 calories
Vimto fruit squash
100ml serving contains 30 calories
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
