Abu Dhabi’s partially-privatized energy firm Taqa has issued $500mn in bonds to repay some outstanding debt, according to a 29 September announcement on the Abu Dhabi Securities Exchange (ADX). Taqa said the senior unsecured notes are due in October 2049 and will carry a coupon and re-offer yield to maturity of 4.0%. The company’s latest interim consolidated financial statement says that Taqa’s total liabilities as of the end of June amounted to AED88.229nm ($24.07bn), down 0.6% from AED88.778bn ($24.22bn) at end-2018.

Taqa has returned to profit after four years of net losses beginning in 2013 forced a strategic rethink. The company’s assets are mainly in upstream oil and gas and power. In 2018 Taqa’s power and desalination plants contributed 53% of its income and upstream operations 31%. This marked a major turnaround from 2011, when Taqa’s upstream provided 45% of its income and power and water for 30% (MEES, 26 April). Taqa’s battle to bolster profitability continues, with reported net income of AED214mn in 1H 2019 being down 23% from AED278mn in 1H 2018. (CONTINUED - 170 WORDS)