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CALGARY, A.B. – TransCanada Corp. raised its dividend as it reported its fourth-quarter profit rose compared with a year ago.

The pipeline company says it will now pay a quarterly dividend of 75 cents per share, up from its previous payment of 69 cents per share.

The increased payment to shareholders came as TransCanada reported a profit of $1.09 billion or $1.19 per diluted share for the quarter ended Dec. 31, compared to a profit of $861 million or 98 cents per diluted share for the same quarter a year earlier.

Revenue totalled $3.91 billion, down from $3.62 billion.

TransCanada says its comparable earnings for the quarter amounted to $1.03 per share, up from 82 cents per share a year earlier.

Analysts on average had expected a profit of 96 cents per share for the quarter, according to Thomson Reuters Eikon.

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