Abu Dhabi National Energy Company PJSC announced its Q2 and H1 of 2010 result.
Q2 2010
Q2 '10 Q2 '09 change
Revenues 5,141 4,380 17%
Upstream & Midstream 2,036 1,759 16%
Cost of sales 3,687 3,169 16%
EBITDA 2,343 2,006 17%
Net profit 171 136 26%
In AED million
H1 2010
H1'01 H1 '09 change
Revenues 9,917 8,580 16%
Cost of sales 6,860 6,306 9%
EBITDA 4,860 3,896 25%
Net profit 458 176 160%
In AED million
TAQA’s total revenues increased by 17% during Q2 2010, due to higher supplemental fuel income improved performance in the domestic Power & Water business and stable contributions from the international Power & Water business. The Upstream and Midstream businesses also benefited from the increase in commodity prices, which offset slightly lower production.
Mr HE Abdulla Saif Al Nuaimi CEO & MD of TAQA said that the quarter under review demonstrates the progress we are making in delivering against our strategic objectives. The balance of our portfolio of assets worldwide has once again produced robust financial performance. Total revenues have continued the upward trend which commenced at the end of 2009, benefiting from a more positive commodity pricing environment. This context, combined with incremental earnings from the Sohar acquisition, resulted in a significant improvement to net profit over the period, a positive progression that creates further value for our stakeholders.
He said that while asset optimization and organic growth form the cornerstones of our strategy, we remain opportunistic and open to bolt on acquisitions which consolidate our geographic footprint, fit naturally with our core competencies and offer the potential to increase our financial returns. Two acquisitions made during the second quarter 2010 a portion of Suncor Energy’s assets in Alberta, Canada and the transfer of ADWEA’s holding in Sohar Aluminium Company are an excellent fit.
Mr Carl Sheldon GM of TAQA said that we have worked hard over the quarter to continue to refine our operating capability, resulting in improvements to technical availability in our Power & Water business and the ability to once again benefit from the uplift in energy pricing within our considerable upstream footprint. This Upstream contribution has been achieved despite lower production levels resulting from our maintenance program on assets in the UK North Sea and reduced 2009 drilling activity in Canada in response to low North American gas prices.
He said that the expansion of power generation capacity from our domestic Power & Water portfolio, notably as we capture the full effect of the expansion of the Taweelah A1 facility for the first time has resulted in an 11% increase in power generation when compared to the same period in 2009. Our Power & Water portfolio, comprising both international and domestic assets, exhibited average technical availability of 97% during the quarter. This operational excellence continues to form the backbone of stability in the company’s cash flow generation.
www.steelguru.com
