Rabat – TAQA Morocco, a leading Moroccan energy company, announced on Monday its financial statements for the first half of 2023, revealing an enhancement in operational efficiency and financial performance.
The company has stressed its commitment to continuous improvement in operational performance, achieving an availability rate of nearly 95%, an increase from the over 92% recorded as of June 2022.
Speaking to Morocco World News, Deputy CEO and board member of Taqa Morocco Omar Alaoui Mhamdi celebrated the company’s performance during the first half of 2023, saying it reflects the company’s “operational excellence.”
Taqa Morocco attributed this progress to successful minor maintenance operations and positive outcomes from previous minor and major revisions in operations.
“We used our technical expertise and data analytics to improve our maintenance going from preventive maintenance to predictive maintenance,” Mhamdi said.
Deputy CEO and board member of Taqa Morocco Omar Alaoui Mhamdi
The company also recorded an increase in consolidated turnover, 26% up compared to the same period in 2022, amounting to MAD 7.44 billion. This growth is attributed to improved operational efficiency across various units of the power plant and the fluctuation in international coal prices during this period.
However, due to the rise in coal prices, the operating result for June 2023 stands at MAD 1.37 billion, a decrease from MAD 1.47 billion in June 2022.
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In addition, an exchange loss due to parity fluctuations between the US Dollar and Moroccan Dirham impacted the Group’s net income, which amounted to MAD 458 million, compared to MAD 605 million in June 2022.
Despite the setbacks, Mhamdi said that the company managed to mitigate these challenges thanks to the teams’ knowledge, allowing them to source coal from different regions “at the right price for Taqa and for the government of Morocco.”
Maintaining a solid financial foundation, TAQA Morocco’s capital structure remained balanced, with an equity of MAD 7.33 billion as of June 30, 2023.
The company also showed strong financial capabilities following a successful capital raise of MAD 6.6 billion.
Of the raised capital, Taqa Morocco will allocate MAD 3.3 billion to develop its strategy, which includes the “ambition to reduce our carbon footprint by 25% by 2030, with the projects in renewable energy in solar and wind,” Mahmdi underlined.
Looking ahead, TAQA Morocco reaffirmed its strategic priorities, focusing on operational excellence, cost optimization, and the development of a diversified portfolio aiming to add 1000 megawatts (MW) of low-carbon energy and seawater desalination capacities by 2030.
