Abu Dhabi National Energy Co (Taqa) swung to a net profit in the fourth-quarter, helped mainly by higher commodity prices, beating analyst's expectations.
The state-owned utility's quarterly profit climbed to Dh261 million ($71.1 million) in the three months to December 31, compared with a net loss of Dh84m in the year-ago period according to Reuters calculations.
Reuters calculated the quarterly profit based on the company's previous financial statements.
Two analysts polled by Reuters forecast an average net profit of Dh231.5m.
Taqa's net profit for the full-year was Dh937m, compared with Dh182m in the year-ago period, a company statement said on Wednesday.
"While the economic environment remains somewhat challenging, the more positive commodity pricing environment resulted in a strong final half to the year," Abdulla Saif al Nuaimi, chief executive of Taqa said in the statement.
Revenues for the year were Dh21.34 billion versus Dh16.85bn in 2009, the statement said.
Higher oil prices and output of oil and gas helped Taqa, which is 75 per cent by the Abu Dhabi government, report a sharp rise in third quarter profit
The firm sold its stake in its Caribbean power assets in January for $320m, partly to pay off debt. In December, Taqa secured a $3 billion revolving credit facility to be used to refinance an existing $3.15bn facility.
The company was hit by a lawsuit in September, after its former chief executive sued IT in a US court, alleging he was forced out for trying to stop "kickbacks, bribery, accounting fraud and corruption" at the energy firm.
But the company continues on its expansion plans.
In September, Taqa purchased mature North Sea oil assets in a move analysts said could increase its UK oil output by almost 20 per cent.
One month earlier, the company said it was looking to raise its stake to 60 per cent in a Dutch gas storage project being jointly developed with Russia's Gazprom.
Shares in Taqa fell 1.4 per cent on the Abu Dhabi bourse as at 0607 GMT.
Your comments