DUBAI // Abu Dhabi National Energy Co, better known as Taqa, said net profit in the third quarter more than doubled on the year as oil and gas revenues surged, while the appreciation of the US dollar against the rupee provided a net foreign exchange gain.
Taqa, in a statement posted on the Abu Dhabi bourse website Tuesday, said net profit attributable to equity holders of the parent amounted to Dh537 million (US$146m), compared with Dh218m a year earlier. Earnings per share in the same period rose to Dh0.09, from Dh0.04.
Total revenue in the three months to September 30 increased to Dh6.17 billion, from Dh5.20bn in the year earlier period. Oil and gas revenue for the period jumped 68 per cent year on year to Dh2.74bn, while revenue from electricity and water sales rose 21 per cent year on year to Dh1.93bn.
Taqa's overall oil production in the third quarter rose slightly by 1.2 per cent to 138,400 barrels a day of oil equivalent, helped by an 8 per cent output increase at its Bratani unit operating in the UK, which produced 43,500 barrels a day of oil equivalent. Output, in oil equivalent terms, was down slightly in North America and the Netherlands, Taqa said.
* Zawya Dow Jones
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From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
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India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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