#AbuDhabi energy company TAQA’s profit jumps 63% as oil prices boost revenue

Abu Dhabi energy company TAQA’s profit jumps 63% as oil prices boost revenue

Abu Dhabi National Energy Company (TAQA) posted a 63% increase in Q2 2022 net profit to AED2.31 billion ($629 million) as higher oil & gas prices boosted revenues.

The result was in line with the AED2.38 billion analysts' mean estimate, according to data provider Refinitiv.

Total revenue for the period was nearly 10% higher at AED13 billion versus AED11.86 billion in the year ago period, the energy company said in a statement on the Abu Dhabi Securities Exchange on Wednesday.

Oil and gas prices have jumped since the beginning of the year on higher demand and supply constraints due to geopolitical tensions related to Russia's invasion of Ukraine.