Aabar posts AED 92.84 million net profit
Revenues for the year post 10-fold increase to AED 935 million
Posted: 05 February 2007
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Aabar, the first listed oil and gas company in the Middle East announced a net profit of AED 92.84 million ($25.26 million) on revenues of AED 934.64 million for the year ended 31st December, 2006. Earnings per share were AED 10 fils.
Aabar has two subsidiaries: Oman-based Dalma Energy which is focused on drilling operations and Singapore-based Pearl Energy, which is engaged in E&P.
In 2005, Aabar’s net profit was AED 608 million primarily due to the extraordinary income resulting from interest of AED 606 million gained on receipts from Aabar’s IPO.
“2006 was an eventful and a very successful year for Aabar and I am pleased with the company’s performance. We entered the E&P (Exploration & Production) sector by completing the acquisition of Singapore-based Pearl Energy in August 2006. This move has provided a considerable boost to Aabar with revenues as well as operating profit recording outstanding growth during the year,” Sohail Al Mazrui, Chairman of Aabar said.
As compared to 1.8 billion in 2005, Aabar’s total assets in 2006 grew to AED 4.5 billion. Operating profit increased significantly to AED 212 million in 2006 from 3 million in the last financial year as a result of operations from Aabar’s subsidiaries, Dalma and Pearl Energy.
Pearl Energy, which currently produces oil from onshore and offshore operations in Indonesia and Thailand , has recorded strong growth and has been awarded additional exploration contracts in Thailand since its acquisition by Aabar.
In the January – December 2006 period, Aabar’s subsidiary Dalma Energy also achieved significant growth and doubled its rig fleet to 22. Currently Dalma operates in Saudi Arabia , Oman , Qatar and India . |
