Business & Finance Club - Abu Dhabi : Abu Dhabi National Energy Co (Taqa) posted a 26 percent rise in second-quarter net profit, helped by higher oil prices.   

Taqa on Monday posted a net profit of Dh171 million ($46.55 million) in the three months to June 30, compared with a net profit of Dh136 million in the same period last year.

Three analysts forecast net profit of Dh217 million, on average, according to a Reuters poll.

Revenue rose 17 percent to Dh5.14 billion from Dh4.38 billion a year earlier as increase in commodity prices help offset lower production.   

"Total revenues have continued the upward trend which commenced at the end of 2009, benefiting from a more positive commodity pricing environment," chief executive Abdulla Saif Al-Nuaimi, said in a statement on Monday.

Taqa has recently embarked on an aggressive acquisition strategy. In June, the company bought a 40 percent stake in Oman's Sohar Aluminium (SAC) for $400 million as it eyes more stakes in power plants.

Taqa also bought Suncor Energy Inc's Alberta natural gas properties for C$285 million. Taqa which is also an oil and gas producer, owns power plants in Morocco, Saudi Arabia, Ghana, India, the Caribbean and the US.

Taqa shares were down 1.7 percent at 1.19 dirhams at 0606 GMT.