profits up 36.4% at the end of June

The TAQA Morocco group recorded very good performance during the first half of 2022. The leading private electricity producer in Morocco has, in fact, achieved a consolidated turnover up 70.5% compared to the same period of last year, amounts to more than 5.9 billion DH. This result is essentially attributed to “the good operational performance of all tenant Units, taking into account the maintenance plan, with the completion of the minor overhaul of Unit 3 (25 days) in Q1-2022 and the major overhaul of Unit 6 in Q1-2021”, indicates the group in a financial communication. But also, he adds, to the “sharp rise in energy costs following the evolution of the purchase price of coal on the international market”.

It also emerges from this financial communication that the consolidated operating profit amounted to 1.47 billion, up 36.5%, “following the good performance of Units 1-6, the evolution of the price average coal purchase price compared to the API2 international market benchmark and the improvement in operational efficiency”. Consequently, the consolidated operating margin rate changed from 31.1% as of June 30, 2021 to 24.9% as of June 30, 2022.

It should be noted that as of June 30, 2022, the overall availability rate for Units 1-6 increased to 92.7% compared to 89.4% at the end of June 2021 “following the completion of the planned major overhaul of Unit 6 ( 61 days) and Unit 3 minor (25 days) during the first quarters of 2021 and 2022 respectively, in accordance with the maintenance plan, it is indicated.

The group has also significantly improved its profitability. It has, in fact, posted a Net Result Group Share which has appreciated by 36.4%, amounting to 605 million dirhams as of June 30, 2022, “following the evolution of the operating result as well as “to the improvement of the financial result following the fall in interest charges over the period”, is it explained. This resulted in a consolidated net margin rate of 13.4% as of June 30, 2022 compared to 15.8% as of June 30, 2021.

In social terms, the net result of TAQA Morocco reached 240 million DH at the end of last June against 250 million DH a year earlier, “following the completion of the revision of Unit 3 over the period”.




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