Taxes take toll on TAQA profit
Abu Dhabi National Oil Company sees 27% sliced off third quarter income.
TAQA booked a 27% drop in third quarter profit after being hit with a higher tax bill.
The Abu Dhabi oil, gas and power company reported income of AED 107mn ($29mn) in the three months to the end of September compared to AED 146mn for the same period of 2013.
However the firm saw a huge jump in nine month income thanks to a rise in oil revenues and tighter control of costs.
The Abu Dhabi National oil, gas and power company reported net profit of AED 620mn ($169mn) for the nine months to 30 September, up from AED 80mn in the same period of 2013.
Revenue for the period rose 11% to AED 20.7bn from AED 18.7bn a year earlier while the company
also reduced its debt by over AED 3bn during the first nine months of 2014.
Edward LaFehr, Chief Operating Officer, said: "This financial result is due to excellent operational performance across our global asset base, combined with strong oil and gas pricing.
“We have also focused capital investment and reduced general and administrative costs, while maintaining our focus on safety. These efforts are even more important now in today's challenging commodity price environment."
Power and Water
TAQA has been mulling over asset sales and recently pulled the plug on power acquisitions in Iraq and India.
The company increased its power generation capacity by 700 megawatt (MW) to 17,095 MW during the first nine month following the expansion of the Jorf Lasfar power station in Morocco.
Power production for the period increased by 1% to 55,035 gigawatt-hours (GWh), with 43,741 GWh generated in the United Arab Emirates and 11,295 GWh internationally.
Desalination facilities in the United Arab Emirates (UAE) produced 192,020 million imperial gallons, up 3% compared to the same period in 2013.
Total average technical availability for its power and water fleet was 91.6%, with its facilities in the UAE reaching a typical level of 92.2%. Technical availability at the international fleet recovered to 88.4%.