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Taqa's Total revenues for Q1 2012 were US $1.552 billion, an increase of 5% compared with Q1 2011.
Total Power & Water revenues (excluding supplemental fuel income but including other operating revenues) increased from $462.84 million in Q1 2011 to $517.29 million in Q1 2012. This 13% year-on-year increase was primarily due to the contribution from Fujairah 2 and Shuweihat 2.
Supplemental fuel income increased 4% year-on-year due to higher fuel prices at the international plants, notably Jorf Lasfar and Takoradi, and was partly offset by lower fuel revenues at the U.A.E. subsidiaries due to lower use of back up fuel.
Operating expenses for Power & Water (which excludes fuel costs) increased from $105 million for Q1 2011 to $113.5 million in Q1 2012 due to the addition of Shuweihat 2.
"As a respected global operator, we are increasingly seeing more and more opportunities and the joint venture agreement that we signed with Mass Global Investments Company Limited in the Kurdistan region of Iraq to acquire a 50% stake in a 1,000 MW power station at Sulaymaniyah reflects this," said Sheldon.
Total Oil & Gas revenues (including gas storage and other income) was flat at $789.55 million in Q1 2012. This reflects continued strong production and oil prices in the UK North Sea, offset by weaker North American gas prices.
"The first quarter of 2012 has seen steady performance from our portfolio of assets, against the backdrop of a stronger global oil price and weak North American gas prices. This performance has seen revenues and EBITDA grow by 5%, and our profit before tax, which incorporates the benefit of asset disposals, jump by 46%.
Total cost of sales increased by 3% to $952.9 million from $925.67 million in Q1 2011. Fuel expenses were $261 million in the first quarter of 2012 compared with $251.8 million in 2011. Increases were mostly due to higher fuel prices at Jorf and Takoradi, and were partly offset by reductions at U.A.E. subsidiaries due to lower use of back up fuel in the current year.
Oil & Gas operating expenses, including gas storage expenses, decreased from $229.8 million in Q1 2011 to $224.6 million in Q1 2012 due to lower costs in North America mainly due to lower volume, offset by higher labour expenses in the UK North Sea and stock movements in the Netherlands.
"We remain focused on our strategy of delivering organic growth with our key projects, such as the expansion at Jorf Lasfar in Morocco, where construction of Units 5 and 6 continued on time and budget, and at Bergermeer gas storage, where last week we secured final approval from the Dutch Council of State to proceed with construction," added Sheldon.
"In addition to this organic growth, we continue to seek ways of streamlining and enhancing our portfolio, and during the quarter this included the monetisation of non-core land holdings in North America at an attractive price, and acquiring acreage adjacent to our facilities in the UK North Sea," he said.