Middle East Economic Survey

VOL. LII

No 46

16-Nov-2009

UAE

TAQAs Net Profit Slumps By 88%In 3Q09

The Abu Dhabi National Energy Company (TAQA) reported on 11 November financial results for the third quarter and the first nine months of 2009. Net profit in 3Q09 slumped 88% to Dh90mn ($24.5mn) from Dh723mn ($196.8mn) in the same quarter of 2008. The decline was partly due to lower oil prices and increased cost of sales.

Total revenue in 3Q09 fell to Dh3.9bn ($1.06bn) from Dh4.5bn ($1.23bn) in the...