The turnover of the energy company, Taqa Morocco, grew by 8.2%, or 4.51 billion dirhams in the first half of 2019 (H1 2019).
According to the management, the turnover of the private electric production specialist is explained by the good operational performance of all the units, as well as the increase in energy costs, driven by the increase in the purchase price of coal on the international market.
In this respect, it should be noted that the availability rate of production units 1 to 4 stood at 97% in H1 2019, compared with 95.2% in H1 2018, while that of units 5 to 6 declined from 95.2% to 94.4% for the said period. The increase in the availability rate of units 1 to 4 can be explained by the improvement in operational performance, in addition to the maintenance revision of unit 4 during H1 2018.
That said, the company’s operating income decreased by 5.5 percent, or 1.24 billion dirhams, to note that the operating margin rate follows this downward trend to reach 27.5 percent. % in H1 2019, compared to 31.5% a year earlier.
Net income Group share of Taqa Morocco decreased by 6.5% in H1 2019, totaling 507 million dirhams, compared with 543 million dirhams as of June 30, 2018. Management explains this regression by performance of the operating result as well as the increase in the financial result, impacted by the decrease in interest expense on loans to repayments during the said period.
In addition, it should be noted that consolidated sales in the second quarter (Q2 2019) amounted to 2.13 billion dirhams, an increase of 2% compared to Q2 2018, mainly as a result of the availability of Units 1 to 6 and the upward trend in energy costs.
Group investments amounted to MAD 23 million in June 2019, an increase of 20% compared to H1 2018. These mainly concerned maintenance projects for production, as well as the development of information systems.
The net debt of Taqa Morocco however decreased by 7% in H1 2019, resulting from the repayments of the period combined with the decrease in the consolidated working capital requirement.