Malaysia's utility giant Tenaga Nasional, said Thursday net profit for the year to August almost doubled to 4.06 billion ringgit (1.2 billion dollars) on higher tariffs and electricity sales.

The company booked a net profit of 2.13 billion ringgit in 2006.

Full-year revenue stood at 23.32 billion ringgit, up 14.4 percent from 2006.

Fourth-quarter net profit was 168.4 million ringgit against 736.4 million a year ago, hit by foreign exchange losses of 549 million ringgit.

Tenaga said it will pay a final gross dividend of 16.3 sen per share.

"The improvement (in full-year net profit) was largely driven by higher revenue from sales of electricity and supported by the various cost management initiatives embarked by management," said the company in a statement.

For the first time in almost 10 years, the government approved a 12 percent tariff hike for Tenaga in June 2006.