Advanced Theory & Practice of Bonds

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Comprehensive 2-day course on bonds designed for private bankers, wealth managers and advisors.

Abu Dhabi National Energy Company (TAQA) controlled by state-run ADQ delivered a strong performance for the quarter ending March 31, 2021. It reported revenue of AED 10.33bn ($2.8bn), up 3% boosted by higher commodity prices in the oil and gas sector. The EBITDA was up 12% at AED 4.69bn ($1.3bn) and the net income stood at AED 1.44bn ($392mn) for Q1 2021 against a net loss of $548 mn ($149mn) last year. The increase of ~AED 2bn YoY was attributable in part to an impairment charge of AED 1.5bn. The Capex was 18% higher at AED 1.27bn ($346mn) as some of the projects had got delayed due to the pandemic. The company with assets worth AED 186.7bn ($50.8bn) in FY 2020 also priced a $1.5bn 7Y and 30Y dual-tranche bond offering during the quarter. The energy company also announced a new strategy with ESG as its centrepoint aiming to become a “low carbon power and water champion”. It committed AED 40bn ($11bn) to grow its UAE Regulated Asset Value (RAV) additions through sustainable UAE based infrastructure and network growth projects. The board also approved the first interim cash dividend of AED 618mn ($168mn). 

In a related news, Reuters reported that the company is looking to buy power plants in UAE and could issue debut green bonds in 2022. CFO of the company said that state oil firm ADNOC and Emirates Global Aluminium (EGA) both had power plants, while adding “We’ll be looking at those and we’re talking about whether and how we can bring those into the system.”

 
TAQA’s 3.875% 2024s and 4.875% 2030s were up 0.03 and 0.44 to trade at 108.75 and 119.58 respectively.
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