The state-controlled utility, also known as Taqa, reported a second-quarter attributable profit of Dh239 million (
The company, which produces power, crude oil and natural gas from
The shares rose 2.8 per cent to Dh1.12. The stock has dropped 24 per cent this year, compared to a 17 per cent gain in the benchmark ADX General Index.
"We know the company is leveraged and it went on an investment spree, acquiring assets across geographies,"
Taqa, which suspended oil operations in
Revenue from oil and gas jumped to Dh3.1 billion from 2.1 billion in the second quarter of 2013, Taqa said. Sales from the power and water division dropped to Dh2.4 billion from Dh2.5 billion in the same period a year ago.
Taqa, which produces power, crude oil and natural gas from
The utility started commercial operations at its Bergermeer gas storage facility in
Expansion of the
"Greater efficiencies and cost control, combined with a conservative view on growth projects and acquisitions, will ensure we can deliver our commitment to reduce debt and improve financial performance."
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