Abu Dhabi Taqa Shifts to Growth Mode After Years of Cutbacks
- Investment will be focused on current assets rather than M&A
- Taqa’s first-quarter net income jumped 42% as revenue rose 5%
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Abu Dhabi National Energy Co., the state-controlled oil and gas producer, is looking again at boosting spending after three years of cutting back, according to Chairman Saeed Mubarak Al-Hajeri.
The company, known as Taqa, had first-quarter net income of 110 million dirhams ($30 million), 42 percent higher than a year earlier, according to a company statement. Revenue rose 5 percent to 4.3 billion dirhams.