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