By IANS,
Abu Dhabi : The Abu Dhabi National Energy Co (TAQA) has recorded á profit of 398 million dirham ($108.4 million) for the first quarter of 2008, up by 525 percent compared to the first quarter of 2007, WAM news agency reported Thursday.
TAQA said its total revenue in the first quarter of 2008 grew by 279 percent to 4 billion dirham ($1.08 billion) compared to 1 billion dirham in the corresponding period last year.
TAQA’s total assets by the end of the first quarter have reached $23.4 billion, a growth of 27 percent from the previous year, the company said, adding that the increase was largely due to the acquisitions of the TAQA North assets since the first quarter of 2007.
The company has made a number of acquisitions in the past one year that includes CMS Generation, Northrock Resources, Pioneer Canada and PrimeWest, the company’s largest acquisition to date.
Speaking about the remarkable growth, TAQA CEO Peter Barker-Homek said: “The results for the first quarter of 2008 tell a very different story to that of 2007 due to the acquisitions made during the year. Integration has been a major focus for the quarter, and for the first time we can begin to see the impact of the acquisitions we have made in the last year.”
TAQA, established in 2005, is an energy investment company in which the Abu Dhabi government owns 51 percent stake. The company currently operates in nine countries and employs about 2,800 people from 38 countries.