TAQA's Global Ambitions Pay Off in 2007 with 72% Increase in Revenues

The Abu Dhabi National Energy Company PJSC (TAQA), with an asset base exceeding $18 billion, increased revenues by 72% to reach $2.26 billion in 2007 compared to $1.3 billion in 2006.

Total assets enjoyed a boost of 31% to $18.5 billion, which indicates a substantial increase over the 2006 total of $14.1 billion.

Net profit increased 189% in Q4 alone, increasing 113% to $272.3 over the full year.

"Integration has been a key focus for us throughout the year, as we have moved to quickly and efficiently to align processes, reporting and management across TAQA globally," said Peter Barker-Homek, CEO of TAQA, in a press release. "We have simultaneously retained tight control on our costs and are proud to report a net profit of AED 1 billion for the year. During a period of great change for TAQA we have maintained a very respectable EBITDA margin of 62%, while doubling our earnings per share. While income from acquisitions has contributed to this increase, it is also balanced by organic revenue growth in our existing portfolio."

TAQA reported that revenue from the oil and gas business generated $245,1 million during Q4 2007, which included gas storage. For the full year, oil and gas yielded revenues of $381.2 million.

TAQA's total average daily production of oil and gas in 2007 topped 19,867 boe/d. This came as a result of a 92.9% drilling success rate for TAQA North, with 13 successful completions.

A TAQA representative commented that the full benefits of the company's 2007 acquisitions have yet to be seen.

"2007 was a pivotal year for TAQA as we built from our domestic power generation and desalination base, to a truly global energy company with operations in nine countries," said Barker-Homek. "Over the past twelve months we have diversified our business and expanded our footprint across the Middle East, Europe and North America with the acquisition of quality energy assets. I am pleased to confirm we remain on track to reach our aim of US$ 60 billion worth of assets by year-end 2012.

"We look forward to continued growth in 2008 as TAQA continues to integrate its acquisitions and further develop our positioning as a global energy company."

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