- 09 Feb 2011
TAQA Preliminary Financial Results for FY 2010
Optimisation and selective acquisition strategies deliver significantly improved full year profit
Successful refinancing reaffirms strength of financial positionAbu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2010.These preliminary results are subject to changes that may result from the final determination of certain accounting estimates. Comprehensive, audited full year 2010 results are due to be published on 16 March 2011.CommentH.E. Abdulla Saif Al-Nuaimi, CEO & MD of TAQA, said:
“2010 has been a year of focus for TAQA and we have, as a result, delivered substantial improvement in financial performance. We have worked hard to harness efficiency and opportunity within our footprint while simultaneously adding to it with valuable and complementary transactions during 2010. The net result is a boost to the bottom line and EPS for the period.”While the economic environment remains somewhat challenging, the more positive commodity pricing environment resulted in a strong final half to the year. Combined with our rapid and tightly priced completion of necessary refinancing during 2010, we have started 2011 with confidence and conviction.”Corporate activity during 2010
During the 12 month period, TAQA completed the following corporate initiatives:In addition to the above, TAQA achieved the following milestones during 2010:
Oil & GasPower & WaterPost-period items-ENDS-For further information:TAQA Investor Relations, Abu DhabiTanis Thacker, Head of Investor Relations
+971 2 691 4933Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
Dubai – Maram Alkadhi on +971 4 367 6160
London ¨C Anna Davies / Sarah Decottegnie on + 44 207 306 5346 / +44 207 255 5197
email@example.comAbout TAQATAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
TAQA is the 6th largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.