Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Abu Dhabi Taqa’s 2012 Profit Drops 14 Percent on Tax Charge

Don't Miss Out —
Follow us on:

Feb. 6 (Bloomberg) -- Abu Dhabi National Energy Co., the government-controlled utility and oil producer known as Taqa, said full-year profit dropped 14 percent as one-time costs offset gains in revenue.

Net income declined to 640 million dirhams ($174 million) in 2012 from 744 million dirhams the previous year, Taqa said in an e-mailed statement today. Sales rose 14 percent to 27.5 billion dirhams. A charge related to U.K. tax changes and lower natural gas prices that hurt returns from its North American business offset the higher revenue, the company said.

Taqa, owned 75 percent by the Abu Dhabi government, holds stakes in businesses generating power or producing oil and natural gas in the Middle East, the North Sea, India and North America. The company expanded last year by taking over operation of an oil field in northern Iraq and buying producing crude deposits in the U.K. North Sea from BP Plc.

The company borrowed in June to expand Morocco’s Jorf Lasfar power plant, the largest coal-fired facility in the Middle East. It refinanced debt in December by raising $2 billion from the sale of bonds and arranging a $2.5 billion revolving credit facility.

To contact the reporter on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.