Aabar˙s profit shoots up
Posted: 07 August 2006
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Aabar Petroleum Investments Company PJSC (Aabar) said its operating profit had risen from $735,000 in the January-March period of this year to $10 million in the April-June period.
The company says the substantial increase is mainly attributable to the acquisition of Singapore-based Pearl Energy.
Aabar's net profit of $5.3 million for the second quarter of 2006 pushed up the net profit for the first half of the year to $18million. This translates into Earnings Per Share (EPS) of $1.94 for the first half.
Aabar has also recorded revenue of $70.4 million in the second quarter of 2006 as against revenue of $18million in the previous quarter. The total revenue for the first half of the year was $88.2 million.
´The significant growth in revenues and enhanced company performance in the second quarter can be attributed largely to Aabar˙s acquisition of Pearl Energy, the Singapore-based oil and gas E&P (Exploration & Production) companyˇ said Sohail Al Mazrui, Chairman of Aabar.
During the second quarter of 2006, Pearl Energy which is now Aabar˙s wholly owned subsidiary, produced an average of 12,081 barrels of oil per day. The oil production operations were conducted in four contract areas in Indonesia and Thailand.
´In the coming years we intend to continue the rapid roll out of our expansion plans which involve making oil and gas exploration our core businessˇ added Al Mazrui.
Aabar˙s drilling operations conducted through Dalma Energy LLC, another of Aabar˙s wholly owned subsidiaries, also displayed strong growth. The addition of 3 rigs in the April to June quarter to the rig portfolio brought the total number of working rigs to 17. Six of these rigs were being operated in Saudi Arabia, eight in Oman, two in India and the remaining one in Qatar. Another rig that is undergoing major refurbishment will be contracted to Saudi Aramco when completed. The construction of four brand new rigs is expected to be completed by the end of 2006.
Aabar also announced over the last quarter, the successful placement of a $460 million redeemable Islamic sukuk that is exchangeable for Aabar shares. The scheduled maturity date of the Sukuk is 28 June 2010 with a fixed profit rate of 6.894%. |
