Abu Dhabi National Energy Co (Taqa) has released its financial results for the second quarter ended June 30, 2011, beating the analyst’s forecasts regarding growth and net profit. The firm managed to double its net profit propelled by significant rise in crude rates and oil production in the United Kingdom.

Net profit of Abu Dhabi National Energy Co stood at Dh435 million for the second quarter as compared to a net profit of Dh171m during the corresponding period last year. According to a Reuters poll, analysts forecasted an average net profit of Dh249m for the firm during the period.

Profit figures were propelled by significant increase in revenue from oil and gas that surged 54 per cent, according to information provided by Taqa to the bourses. Stephen Kersley, Taqa's Chief Financial Officer said, "During the quarter, steady production in our oil and gas business has enabled Taqa to capture the benefits of a higher commodity price environment."