TAQA announces US$255 million net profit for 2010

Abu Dhabi National Energy Company (TAQA) is focusing on increasing its power and water footprint in the greater MENA region.

Abu Dhabi National Energy Company TAQA reported a net profit of US$255 million in its preliminary, unaudited financial results for 2010.

During the year, the energy firm made a number of strategic agreements and decisions in the power and water sector. In June TAQA signed an agreement with the Abu Dhabi Water and Electricity Authority (ADWEA) for the transfer of a 40% stake in Sohar Aluminium Company.

TAQA acquired 90% of ADEWA’s interest in the Fujairah 2 power and water plant giving TAQA a 54% interest in the facility. Fujairah 2 achieved full completion in January this year.

In December ADWEA transferred 90% of its ownership interest in the Shuweihat 2 power and water plant to TAQA, giving TAQA a 54% interest in the facility. The plant is currently under construction and expected to be commissioned by the end of 2011.

Also in December ADWEA transferred its 7% ownership stake in Tesla Motors to TAQA.

And

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in January, TAQA disposed its Marubeni TAQA Caribbean assets to focus on developing TAQA’s power and water footprint in the greater MENA region.

Abdulla Saif Al-Nuaimi, CEO and 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 (earnings per share) 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."

Comprehensive, audited full year 2010 results are due to be published on 16 March 2011.

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