Half-year results: Taqa Morocco, paying off agility and efficiency (VIDEO)

Half-year results: Taqa Morocco, paying off agility and efficiency (VIDEO)
Half-year results: Taqa Morocco, paying off agility and efficiency (VIDEO)

High prices and operational efficiency enabled Taqa Morocco to reach 5.9 billion dirhams in sales in the first half (+71%) and generate 605 million dirhams in profits (+36%). Incidentally, the electrician’s supply policy cushions the impact of the rise in coal prices on ONEE’s accounts.

The lights are green for Taqa Morocco. In a context of high prices and better availability of units, the net income group share of the electrician was propelled to 605 MDH, up 36%. This result is based on a turnover having soared by 71% to reach 5.9 billion dirhams over the first six months of the year. Energy costs follow the prices of raw materials and are therefore in line with the meteoric rise of coal in the case of Taqa Morocco. But the inflation suffered by the electrician is less compared to the rise in international prices. While prices have exploded by more than 200%, the average purchase price of Taqa has increased by 45%, notes management. “Our purchase cost remains under control. Somehow we are giving ONEE a competitive purchase price compared to the international market”, notes Omar Alaoui M’hamdi, member of the board of directors of Taqa Morocco.

Furthermore, “the geopolitical context and the bottlenecks in the supply chains had no operational impact. This shows great control of our coal sourcing,” said Mehdi Belghiti, member of the executive board.

With the energy crisis in Europe, the strong demand from the countries of the region which have restarted several coal-fired power stations which had been shut down and the embargo on Russian coal should keep prices at high levels for a while yet. Taqa Morocco, however, remains serene about its prospects. “The takeover of coal-fired power plants in Europe will not have a significant impact for us. We continue to source from

Russia. Generally, our
The objective is to continue to remain very competitive compared to the market index and to provide reliable and competitive electricity to ONEE”. At the end of June, the operating result increased from 393 MDH to 1.47 MMDH thanks to an average purchase price much better than the benchmark index and to the improvement of operational efficiency.

Portfolio greening
Faced with climate challenges and pressure that will intensify over the years, the energy company has already invested 300 million dirhams in environmental equipment and is continuing its transformation with the ambition of reducing its carbon intensity by 25% on the horizon. 2030. In general, the reduction of the company’s carbon footprint will go through the development of a portfolio of renewable energies and combined cycle gas. Taqa Morocco has just won 5 lots for the development of 96 MW of solar energy under the Noor PV II solar program. The investment is estimated at 1.1 billion dirhams and commissioning is scheduled for the fourth quarter of 2024.

Average return of 20% of the stock market
In session Tuesday, September 20, the title of the electrician showed an annual gain of 13% against a decline of 9% for the Masi. The Taqa Morocco share is one of those that create the most value for shareholders. Since the initial public offering, the stock has offered an average yield (dividends + price increase) of 20% against an average performance of 7% for the Masi Rendement brut.

Franck Fagnon / ECO Inspirations

The article is in French

Tags: Halfyear results Taqa Morocco paying agility efficiency VIDEO

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