Aabar Petroleum Investments Company PJSC shareholders at the second Annual General Meeting (AGM) today endorsed recommendations from the Board of Directors regarding the company’s future direction, key appointments and dividend payment.
The key resolutions passed by shareholders at the AGM included the approval of 2006 financial results and a proposed five percent dividend recommendation, the appointment of Aabar’s CEO David Woodward as a board member, and an extension of the term for the company’s auditors.
Addressing shareholders at the AGM held at the Abu Dhabi Chamber of Commerce & Industry (ADCCI), Sohail Al Mazrui, Chairman of Aabar, said: “I am very pleased with the company’s performance and wish to thank management, staff and all our shareholders for their support. Aabar achieved several significant milestones of growth in 2006, marking its entry into oil exploration and production with the acquisition of Singapore-based Pearl Energy while continuing to grow our drilling subsidiary, Dalma Energy”.
Noting that the acquisition of Pearl and the expansion of Dalma’s operations had considerably strengthened Aabar’s financial performance, Mr. Mazrui said that in 2006 Aabar’s total assets grew by AED 3 billion to AED 4.9 billion and shareholder equity reached AED 1.65 billion.
Aabar’s net revenues increased by a substantial AED 826 million to AED 918 million in 2006 with Pearl Energy generating AED 602 million based on an average net working interest production of 11,558 barrels of oil per day, while Dalma Energy contributed AED 316 million in revenues from the operation of its 18 rigs.
Aabar’s operating profit increased to AED 234 million from AED 3 million in 2005. For the 12-month period ended 31 December 2006, the first full year of business since Aabar’s incorporation, the company reported a net profit of AED 95.2 million and earnings per share (EPS) of 10.6 fils.
Mr. Mazrui said he expects Aabar to achieve further growth in 2007. "With a new executive management team in place, we expect this year to be a turning point in our growth. We will continue to focus on exploration and production as the prime vehicle of growth," he added.
Background
Aabar Petroleum is an oil and gas exploration, production and drilling company headquartered in Abu Dhabi and is a public joint stock company listed on the Abu Dhabi Securities Market. Aabar has two divisions, Oman-based Dalma Energy, which is focused on drilling operations, and Pearl Energy, which is engaged in exploration and production in Southeast Asia. Aabar completed its acquisition of Dalma Energy in 2005 and Pearl Energy in August 2006.
