Taqa Morocco completed fiscal year 2018 on a positive note. The subsidiary of the Emirati holding company, which specializes in energy, has just announced its results at the end of 2018.
The electricity distributor achieved a turnover of MAD 8.5 billion, up 5.3% compared to 2017. This growth comes from the good momentum of the 6 electricity generating units and an estimated availability rate of 91.2%.
Thus, the company’s operating income amounted to 2.64 billion dirhams, an improvement of 2.6 percent, while the net profit amounted to 1.36 billion dirhams (+3.1 percent). In this context, the company raises its profit by 3.4% to 1.04 billion dirhams. It will distribute a dividend of MAD 40 per share, representing an equity yield of 4.4%.
For Taqa’s top management, the continuous improvement of the company’s financial results is based on solid operational bases, namely a good performance of Units 1 to 6.
“The availability rate for Units 5 and 6 is 96% given the completion of the minor revision of Unit 6 in 2017 scheduled in the maintenance plan,” said Abdelmajid Iraqui Houssaini, chairman of the board of Taqa Morocco.
According to him, the continuous efforts to improve operational productivity have mitigated the effect of the depreciation of the dollar against the dirham in 2018, compared to 2017. Thus the operating margin rate is set in 2018 to 16, 7% against 17.5% in 2017.
“With its operational expertise, Taqa Morocco will continue to execute its strategic orientations for the achievement of the 2019 forecast results,” adds Houssaini. The group also reaffirms its ambition of development through the study of the different opportunities in Morocco and Africa.
Moreover, its wind project announced for 2018 is still in the pipe. “We are in negotiation with the ONEE and the Ministry of Energy to bring to a successful conclusion this project governed by the law 13-09”, announces the CEO. Taqa Morocco, a subsidiary of Emirati giant Taqa, is the largest private electricity producer in Morocco listed on the Casablanca Stock Exchange.
Through its Jorf Lasfar thermal power plant, Taqa Morocco is the main supplier of the National Office of Electricity and Drinking Water (ONEE). Founded in 1997, Taqa Morocco is a major player in Morocco’s energy sector and covers about 50% of the country’s electricity production. With 480 employees and six production units, Taqa Morocco is the largest independent coal-fired power plant in the Mena region.