Abu Dhabi National Energy Co (Taqa) on Tuesday said third-quarter net profit more than doubled aided by higher crude oil prices and increased production.
Taqa which is 75 percent owned by the government of Abu Dhabi, reported third quarter net profit of 537 million dirhams ($146.2 million) for the quarter ended Sept.30, compared with 218 million dirhams a year ago, it said in a statement.
"Global demand for fuel and power continues to grow, with Middle Eastern markets, in particular, demonstrating attractive supply/demand dynamics," Chief Executive Carl Sheldon said in the statement.
Quarterly revenues surged to 6.2 billion dirhams compared with 5.2 billion dirhams year ago. Taqa's oil and gas revenues rose 68 percent to 2.7 billion dirhams, it said in the statement.
Taqa, which has invested in a handful of Canadian companies in recent years, named Carl Sheldon as its new CEO in late October. The firm also announced it set up a 3.5 billion ringgit Islamic bond or sukuk programme to tap the Malaysian market.
Taqa wants to invest in power production in Europe, which would allow it to integrate its existing gas production and huge storage facility in the Netherlands, a company executive said in October.
The company is a major shareholder in the Dutch Bergermeer field, Europe's biggest gas storage facility with capacity of 4.1 billion cubic metres, and is also involved in an offshore gas production project in the Dutch North Sea. It already runs power plants in Morocco, Saudi Arabia, Ghana, India, the Caribbean and the U.S, and now wants to start oil and gas operations in Northern Africa.
Taqa shares have fallen 18.6 percent year-to-date.