Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) on Thursday reported a 148% year-on-year surge in profits attributable to shareholders during the full-year 2018.

The Emirati energy company logged a profit of AED 396 million last year, compared to AED 160 million in 2017.

TAQA ascribed the 2018 profit hike to the good performance of water and electricity production sector, coupled with a growht in oil prices in Europe, according to a statement to the Abu Dhabi Securities Exchange (ADX).

TAQA’s revenues rose to AED 17.740 billion in the 12-month period ended last December, from AED 16.68 billion a year earlier.

The firm’s assets fell 3.5% to AED 99.407 billion in 2018, against AED 103.033 billion in the year before.

From January to September 2018, TAQA reported AED 431 million in net profits.