Abu Dhabi National Energy Co., the state-run utility known as Taqa, reported a 26 percent increase in second-quarter profit as it gained from foreign exchange transactions and higher commodity prices.
Net income rose to 171 million dirhams ($46.6 million) from 136 million dirhams a year earlier, Taqa said today in a statement to the Abu Dhabi bourse. The company made foreign exchange gains of 116 million dirhams in the quarter after a loss of 112 million dirhams in the year-earlier period.
“Total revenues have continued the upward trend which commenced at the end of 2009, benefiting from a more positive commodity pricing environment,” Chief Executive Officer Abdulla Saif al-Nuaimi said in the statement. “We remain opportunistic and open to bolt-on acquisitions which consolidate our geographic footprint, fit naturally with our core competencies and offer the potential to increase our financial returns.”
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