TAQA Morocco convenes in Casablanca to present its annual operational result for the year 2016

According to the reports submitted by Taqa Morocco during an assembly in Casablanca Morocco, it has invested MAD40 billion for the past 20 years. The investment is about electricity production, and the company has posted a net profit of nearly MAD 1.3 billion in the year 2016 of which MAD978 million is for the RNPG. The former Jorf Lasfar Energy Company, founded in 1997, and a subsidiary of the Taqa Group in Abu Dhabi since 2007, is more than the leading private electricity producer in Morocco.The power or energy that has been generated is from the Jorf Lasfar plant, the largest independent coal-fired power plant in the MENA region. According to the President of Taqa Morocco during the meeting in Casablanca, the company is undoubtedly one of the biggest investors in the Kingdom of Morocco.

Among the significant financings undertaken are those related to the expansion of the thermal power plant with two new units with a capacity of 700 megawatts (MW) bringing its overall capacity to 2,056 MW. The units 5 & 6, which have been commissioned in 2014, represent the investment of MAD13 billion. According to Mohamed Dekkak, Taqa Morocco has performed remarkably well since its initial public offering in 2013, and it is sensible enough not to stop the progress that the company has been experiencing. In this situation, the security for electricity will be improved for the country, and more investors will be encouraged to enter the Moroccan market as the company is going to develop more energy projects. With the success of Taqa in its operation, Taqa Morocco has shown its strong dedication to expand both in Morocco and in Africa.

The company’s 2016 performance exceeded its business plan forecasts, resulting in a record of profits. Even though it posted a slight annual increase of 0.5%, consolidated net income reached a historical level of almost MAD1.3 billion. Correspondingly, the net income attributable to equity holders of the parent (RNPG) increased by 1.3% or MAD978 million. According to the Deputy General Manager of Taqa Morocco, RNPG and consolidated net profit both went up at 11.4% and 10.1% respectively compared to the business plan forecasts. In this regard, the shareholders must be satisfied. The Executive Board decided to tender a dividend of MAD37 per share to the Ordinary Shareholders’ Meeting, which is 23% higher compared to 2015. The dividend is expected to be paid by July 25, 2017.

Furthermore, the company also stressed there was a 14% drop in the price of coal in the international market during the year 2016. The decrease in the percentage had affected to the number of recorded purchases of coal and consequently on the company’s turnover which fell by 9.4% or MAD8.049 billion. The year also saw a good performance of Units 1 to 6 of the plant with an overall availability rate of 92.5%.  Preventive maintenance procedures were undertaken in order to bring its units to their optimal performance. According to the overall balance sheet prepared by the company, Taqa Morocco has shown a steady and growing profit with continued improvement compared to what was projected during its initial stages.  The group finally stated that the energy generation capacity of the plants also snowballed over a year going from 15,300 gigawatts/hour (GWh) in 2015 to 15,316 GWh in 2016. Taqa Morocco remains the leading supplier of the National Electricity and Drinking Water Board.