TAQA H1 2007 financial results strong

H1 2007 revenue reached AED 2.83 billion compared with AED 1.49 billion for the same period in 2006, representing an increase of 90 percent. Q2 2007 earnings grew 126 percent to AED 1.79 billion.

The net profit attributable to TAQA for the six months ended 30 June 2007 was AED 249 million, a 26 percent increase over the same period for 2006. Q2 2007 net profit grew 43 percent to AED 186 million.

Basic earnings-per-share grew 25 percent to AED 0.060 for the six months ended 30 June 2007, and grew 45% to AED 0.045 for the quarter ended 30 June 2007.

TAQA's CEO Peter Barker-Homek said:

"TAQA's operational and related financial performance for H1 2007 has been impressive by anyone's measure. The pace of our international expansion has been underscored by accretive transactions that have added to the firm's financial strength. TAQA will continue to add value accretive businesses to our operations as we build critical mass across all segments."

In H1 2007, TAQA continued with its stated strategy to acquire upstream oil and gas assets, midstream and power generation facilities in the Middle East, North Africa, Europe, North America and India in order to significantly expand its international presence.

During the quarter ended 30 June 2007, the Company completed the purchase of CMS Generation ownership interests in the Jorf Lasfar Energy Company in Morocco (50% interest), the ST-CMS Electric Company in Neyveli, India (50% interest), the Jubail Energy Company in the Kingdom of Saudi Arabia (25% interest), the Takoradi International Company in Ghana (90% interest), Emirates CMS Power Company in U.A.E. (an existing subsidiary-40% interest), Shuweihat CMS International Power Company in U.A.E (an existing subsidiary-20% interest) and the related O&M companies, and the special purpose companies set up to own the interest of CMS Generation LLC in these companies as well as the ABB Group ownership interest in Jorf Lasfar Energy Company in Morocco (the remaining 50% interest) and ST CMS Electric Company in Neyveli, India (the remaining 50% interest) and the special purpose companies set up to own the interest of ABB Group in these companies.

TAQA continued to have six subsidiaries operating in the U.A.E. with an interest holding of 90% each, with the remaining 10% owned by ADWEA. The six subsidiaries are: Emirates Power Company PJSC, Gulf Power Company PJSC, Shuweihat Power Company PJSC, Arabian United Power Company PJSC, Taweelah United Power Company PJSC and Union Power Holding Company. Each of the six subsidiaries has 60% interest holding in a operating subsidiary engaged in the generation of electricity and the production of desalinated water for supply into the Abu Dhabi grid.

TAQA carries Aa2 and AA- credit ratings and was presented with the Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.