Abu Dhabi National Energy Co , a state-owned oil explorer and power supplier, on Thursday said first-quarter net profit more than tripled, helped by a gain on sale of some of its non-core Canadian assets.
The state-owned utility made a profit of 534 million dirhams ($145.5 million) for the quarter, compared with 152 million dirhams in the year-ago period, it said in a statement to the Abu Dhabi bourse.
TAQA, which is 75-percent owned by the government of Abu Dhabi, disposed of certain non-core assets in Canada during the first-quarter, making a gain of 378 million dirhams, it said.
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