ABU DHABI: Abu Dhabi National Energy Co. (TAQA) reported a sharp rise in third-quarter profit on higher prices for oil and gas, beating analysts’ expectations.
TAQA, which is 75 percent-owned by the government of Abu Dhabi, said profit was 218 million dirhams ($59.37 million) for the quarter ended Sept. 30, compared with 90 million dirhams a year ago.
Two analysts forecast average profit of 144 million dirhams, according to a Reuters survey last month.
Total profit, including non-controlling interests, was 537 million dirhams in the quarter, up from 278 million dirhams last year.
"Over the course of the last three months, in response to the more positive commodity pricing environment and as a result of our asset optimization work and acquisitions, we have increased production in our upstream assets," Carl Sheldon, TAQA’s general manager said in the statement.
"Combined with stable revenues from our Power & Water portfolio, this has resulted in a strong increase in our top line."
Total revenues jumped to 5.2 billion dirhams in the quarter against 3.89 billion dirhams, with oil and gas revenues contributing 1.63 billion dirhams in this quarter.
In September, its TAQA Bratani subsidiary purchased Total’s stake in the Otter Field for $50 million. The acquisition is expected to be completed in first quarter 2011.
The purchase was the latest in a series over the last two years of North Sea oil interests by TAQA, which has concentrated on building up assets in mature offshore fields that other, bigger oil companies have discarded.
