Abu Dhabi’s Taqa returns to profit in first quarter

Capital expenditure increased 18 percent to 1.3 billion dirhams. (Supplied)
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Updated 05 May 2021
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Abu Dhabi’s Taqa returns to profit in first quarter

  • Global oil companies have reported strong first quarter earnings helped by a stronger oil price

RIYADH: Abu Dhabi National Energy Company (TAQA) reported first quarter net income of 1.44 billion dirhams ($392 million) as a stronger oil price boosted performance.
It had reported a loss of 548 million dirhams in the year-earlier period. Group revenues rose 3 percent to 10.3 billion dirhams.
Capital expenditure increased 18 percent to 1.3 billion dirhams, but from a low base as projects were delayed or postponed at the onset of the COVID-19 global pandemic.
“Looking forward, the conditions are more optimistic as we see the demand for utilities and commodities bounce back after the universal challenges brought on from the pandemic,” said TAQA CEO Jasim Husain Thabet. “As the market continues its recovery, both in the UAE and abroad, TAQA is well placed to continue on its trajectory for growth as the recognized low carbon power and water champion of Abu Dhabi,” he added.

Global oil companies have reported strong first quarter earnings helped by a stronger oil price that has been propelled by the gradual re-opening of the global economy and resumption of international travel.

Saudi Aramco, the world’s biggest oil company, on Tuesday beat analyst expectations with a profit of $21.7 billion in the first quarter of 2021.


Maersk to resume Suez Canal sailings for MECL service

Updated 5 sec ago
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Maersk to resume Suez Canal sailings for MECL service

  • Shipping companies are weighing a return to the critical Asia-Europe trade corridor more than two years after they started rerouting vessels around Africa following Yemeni Houthi rebels’ attacks

OSLO: Shipping group Maersk will resume sailings via the Red Sea and the Suez Canal for its ​MECL service, connecting the Middle East and India with the US east coast, the Danish company said on Thursday.
“Maersk has decided to implement a structural return to the trans-Suez route for all MECL service sailings,” the company said in a statement, ‌adding that this ‌was part of a ‌stepwise approach ⁠for ​its ‌fleet.
Shipping companies are weighing a return to the critical Asia-Europe trade corridor more than two years after they started rerouting vessels around Africa following Yemeni Houthi rebels’ attacks on ships in the Red Sea in what they said ⁠was a show of solidarity with the Palestinians in Gaza.
Maersk ‌on Monday said one ‍of its vessels ‍had tested the route as a ceasefire in ‍Gaza raised hopes for normal shipping traffic.
The change for the MECL service comes into effect with a sailing departing Oman’s port of Salalah on January ​26.
The Suez Canal is the fastest route linking Europe and Asia and, until ⁠the Houthi attacks, had accounted for about 10 percent of global seaborne trade, according to Clarksons Research.
The ceasefire in the Gaza conflict, in place since October last year, has renewed hope of normalizing Red Sea traffic.
The ceasefire has ended major combat in Gaza over the past three months, but both sides have accused the other of regular violations. More than 440 ‌Palestinians and three Israeli soldiers have been killed since the truce took effect.