TAQA Q1 assets reach AED 52.7 bn

TAQA's total assets grew to AED 52.7 billion, climbing from AED 31.2 billion from the same period last year, increasing 69%.

First quarter revenue reached AED 1.05 billion compared with AED 698 million for the same period in 2006, representing an increase of 44%.

TAQA's CEO Peter Barker-Homek said:

"These results refect the implementation of our acquisition strategy which is transforming TAQA into a global diversified energy company. We are greatly encouraged by these numbers and intend to share this success with our shareholders."

Earnings before interest and taxes (EBIT) increased 78% to AED 680 million from AED 383 million a year ago.

Figures for earnings before interest, taxes, depreciation and amortization (EBITDA) increased 59% to just under AED 1 billion, standing at AED 942 million.

Funds from operations (FFO) and Retained cash flow (RCF) increased 54% reaching AED 911 million from AED 591 million last year.

A cash dividend of AED 207.5 million, amounting to 5% of the share capital was approved at the AGM of the Shareholders held on 22 April 2007.

TAQA continued with its stated strategy to acquire upstream oil & gas assets and power and water facilities in the Middle East, North Africa, Europe, India and Pakistan in order to significantly expand its international presence.

In the first quarter of 2007 TAQA made three significant announcements in relation to acquisitions. In January TAQA announced that it had agreed to purchase Talisman Energy's non-operated interests in the Brae assets of the UK North Sea. TAQA also successfully completed its acquisition of BP Netherlands gas exploration and production (E&P) assets in January. In the same month TAQA reached an agreement to acquire CMS Generation, a subsidiary of the US integrated energy firm CMS Energy, in addition to ABB's power generation interests in Morocco and India.

Also during the first quarter, TAQA initiated the execution of an integrated management system implementing four world class standards across all fields of activity.

The Integrated Management System comprises of:

1. Quality Management (ISO 9001:2000)
2. Environmental Management (ISO 14001:2004)
3. Occupational Health & Safety Management (OHSAS 18001:1999)
4. Information Security Management (ISO 27001:2005)

ISO certification is globally recognized and demonstrates TAQA's commitment to international standards of business practice. It is the first and vital step for companies striving towards best practice, and is a reference for quality management in business dealings.

TAQA carries an Aa3 and A+ credit rating and was presented with the Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.