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.

TAQA’s board of directors also declared an interim cash dividend of AED675 million at 0.60 fils per share.

Net income for H1 was AED4.3 billion, 50% higher year-on-year (YoY), while revenue was AED25.4 billion, 15% higher.

Capital expenditure was AED1.8 billion, 10% lower than the prior-year period, mainly driven by lower expenditure in the transmission & distribution segment.

Gross debt of AED63.1 billion, down from AED65.0 billion at the end of 2021 and liquidity was AED22.3 billion.

(Reporting by Brinda Darasha; editing by Seban Scaria)