May 14--Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the first quarter of 2009.

Key highlights:

Total revenue reached AED 4.2 billion compared with AED 4.0 billion for the same period in 2008, an increase of 5%. o Revenue from the electricity and water business, excluding supplemental fuel, increased by 14% to AED 1.4 billion, from AED 1.2 billion for the same period in 2008. This was primarily due to the expansion of Taweelah B and revenue from the Red Oak toll acquired in December 2008.

o Revenue from oil and gas activities (including gas storage) reached AED 1.8 billion, compared with AED 2.1 billion for the same period in 2008 as a result of lower net realized oil and gas prices.

Net profit, after minority interests, for the quarter was AED 40 million compared with AED 398 million in the same quarter in 2008. The decrease in net profit for the quarter is mainly attributable to the decrease in realized oil and gas prices during the period and lower foreign exchange rates. EBITDA was AED 1.9 billion for the first quarter of 2009, versus EBITDA of AED 2.3 billion in the same period in 2008. This translates to an EBITDA margin of 45%. Basic earnings per share were 0.6 fils for the quarter, compared to 9.6 fils for the same period in 2008. Total assets as at 31 March 2009 were AED 87.0 billion.

Comment

Peter Barker-Homek, Chief Executive Officer of TAQA, said: "There is little doubt that the first quarter of 2009 has been a one of the most challenging to-date, for both TAQA and the global economy. However, despite difficult conditions in global energy markets, which have seen the price of oil hit lows of $41.15 per barrel in February 2009, the results I present today are once again a clear endorsement of TAQA's diversification strategy and proven management team. They also support our long-term objective of building a distributed asset base in North America, Europe and the Middle East.

We remain committed to rigorous and disciplined cost control and to ensure that as production and net capacity increases, so too do efficiencies across the group.

As I look out into 2009, I take pride in the strength of our position and quality of the team we have built.