TAQA Morocco’s Group share of net income fell 42.8%

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Taqa Morocco’s financial indicators declined in the 1st quarter. Taqa Morocco’s Net Income Group Share (NIGS) stood at MAD 152 million compared to MAD 265 million in the same period last year, a drop of 42.8%.

The NIGS reached 152 million in Q1-2020 against 265  million dirhams at the end of March 2019 following the evolution of the consolidated operating profit and that of the financial result following the decrease in the remuneration of the available cash, indicates Taqa Morocco.

Thus, the consolidated net margin rate stands at 9.2% against 14.3% at the end of March 2019. In addition, the consolidated operating profit amounted to MAD 467 million compared to MAD 654 million at the end March 2019 following the completion of the planned major overhaul of Unit 5, adds the company. The consolidated operating margin thus reached 24.8% compared to 27.5% at the end of March 2019.

For its part, the consolidated turnover fell to stand at MAD 1.88 billion against MAD 2.37 billion a year earlier. This withdrawal comes from the completion of the planned major overhaul of Unit 5 of 68 days during Q4-2019 in accordance with the maintenance plan, the reduction in energy costs “consecutive to the evolution of the price of purchase of coal on the international market and through good operational performance of all units.”