Aabar Petroleum Investments Company shareholders have endorsed the recommendations of the Board of Directors with regard to the company's future direction, key appointments and dividend payment.
The key resolutions passed by shareholders at the second Annual General Meeting (AGM) included the approval of 2006 financial results and a proposed five per cent 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.
'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,' said chairman of Aabar Sohail Al Mazrui while addressing the share holders.
Noting that the acquisition of Pearl and the expansion of Dalma's operations had considerably strengthened Aabar's financial performance, Mazrui said that in 2006 Aabar's total assets grew by Dh3 billion ($0.817 billion) to Dh4.9 billion and shareholder equity reached Dh1.65 billion.
Aabar's net revenues increased by a substantial Dh826 million to Dh918 million in 2006 with Pearl Energy generating Dh602 million based on an average net working interest production of 11,558 barrels of oil per day, while Dalma Energy contributed Dh316 million in revenues from the operation of its 18 rigs.
Aabar's operating profit increased to Dh234 million from Dh3 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 Dh95.2 million and earnings per share (EPS) of 10.6 fils.
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.TradeArabia News Service