The company made a net profit of AED471m ($128.2m) during the quarter, compared with AED186m for the same period last year. Basic earnings per share grew to AED0.11 from AED0.04 this time last year.

Total revenue increased by 155 per cent to AED4.6bn compared with AED1.8bn the previous year. Revenue from Taqa’s oil and gas activities was AED2.3bn, up from AED77m. The rise reflects the acquisition of upstream assets in North America and Europe.

Revenues from the company’s power and water business rose to AED 1.4bn from AED1.2bn.