Abu Dhabi National Energy Company also announces 13% rise in Q1 revenues after increase in oil prices.
Abu Dhabi National Energy Co (TAQA) on Wednesday said its first-quarter profit rose more than seven fold helped by an increase in oil prices and the absence of any significant increase in costs.
Government-run TAQA posted a first-quarter profit attributable to shareholders of AED287 million ($78.1 million) compared with AED40 million for the year-ago period.
Total profit for the first quarter stood at 440 million dirhams.
Revenue for the three month period amounted to 4.78 billion dirhams, an increase of 12 percent over the 4.2 billion dirhams for the same period last year.
"TAQA benefitted from an increase in commodity prices which resulted in a 38 percent year on year increase in upstream and midstream revenues in the quarter," the company said in a statement on Wednesday.
In March, TAQA said it plans to spend $1.4 billion on five capital projects this year as the state-owned utility shifts its focus from acquisitions to internal growth.
The company also said it is in talks with Canadian banks to refinance a C$1.3 billion revolving credit facility of which C$1 billion has already been drawn.