Taqa Morocco Reported Over One Billion DH in Profits in 2021
Taqa Morocco saw its operating result increase to more than $2.5 million (2.4 billion MAD), driven by the good performance of Units 1-6, the evolution of the average purchase price of coal over the period compared to the API II international market reference index, as well as the optimization of operating and maintenance costs. The consolidated operating margin increased by almost one percentage point
Taqa Morocco has overcome the difficult period, marked by the coronavirus pandemic. Now, the electricity supplier of the National Office of Electricity and Drinking Water (ONEE) seems to be doing the same with the surge in commodity prices. For the time being, the company is in good financial health.
The difficult economic situation has had little or no effect on Taqa Morocco’s business. That is, in large part, what the top management of ONEE’s electricity supplier tried to justify during the presentation of its annual results held remotely on Tuesday, March 22nd. Operational performance is on track, to say the least.
“The overall availability is maintained at high rates and positions the thermal power plant of Jorf Lasfar at a global level best quartile,” said Abdelmajid Iraqui Houssaini, Chairman of the Board of Taqa Morocco, who details that the overall availability rate is close to 93% while the net production peaks at 15,265 GWh.
In this context, the consolidated financial indicators are progressing despite the complex health context and a volatile international raw materials market. The management would like to point out the slight improvement of the consolidated turnover to more than $800,000 (7.8 MMDH) on December 31st, 2021.
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This is justified by the combined effect of three factors
Firstly, the completion of the major overhaul of Unit 6 in 61 days against 70 days was initially planned in the maintenance plan. In addition, the good performance of all the units covered by this plan. Not to mention the increase in energy costs following the surge in the purchase price of coal on the international market.
In these conditions, Taqa Morocco saw its operating result increase to more than $2.5 million (2.4 billion MAD), driven by the good performance of Units 1-6, the evolution of the average purchase price of coal over the period compared to the API II international market reference index, as well as the optimization of operating and maintenance costs. The consolidated operating margin increased by almost one percentage point to 31.1% on December 31st.
The profitability trend is the same, with the net income, group share, rising above the $1 million (1 MMDH mark), benefiting from the increase in operating income and the improvement in financial income. The latter improved considerably (15.5% to -477 million dirhams) following the fall in interest charges after the repayment of loans during the year. As a result, the consolidated net margin rate has relaxed to 16.4% as of December 31st, 2021, compared with 14.7% for the same period in 2020.
(Featured image by analogicus via Pixabay)
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First published in LES ECO.ma, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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