Abu Dhabi National Energy Company (TAQA) posted a 35% rise in its full-year (FY) net profit of AE8 billion ($2.2 billion), driven by high energy prices and lower depreciation expenses.

Group revenue for the period was more than 10% higher at AED50 billion compared with a year ago, the energy company said in a statement on the Abu Dhabi Securities Exchange (ADX) on Tuesday.

The energy company, which has operations spanning the globe from Canada to the UAE, saw oil and gas average production volumes rise to 123.8 thousand barrels of oil equivalent per day (boepd), an increase of 1.1% on 2021.

While oil and gas prices moderated somewhat after having surged since the beginning of the year due to supply constraints related to Russia’s invasion of Ukraine, they are still comfortably high for energy companies.  Brent crude futures were last around $86 a barrel.

Capital expenditure was AED3.8 billion, 20% lower than in the prior year. Gross debt was AED61.7 billion, down from AED 65.0 billion at the end of 2021.

TAQA’s board has proposed a final cash dividend of AED3.7 billion or (3.3 fils/share) as the fourth and final dividend payment for 2022, bringing total dividends for the year to AED5.7 billion)