2023-09-27 09:38:13
Results
As of June 30, 2023, Taqa Morocco’s operational performance is continuously improving. An achievement highlighted during the recent presentation of the company’s results. Here are the details in figures.
“Taqa Morocco confirms its industrial performance and its capacity to support national economic development. This positioning contributed to the success of our recent fundraising of 6.6 billion dirhams, which consolidates our investment capacity as part of our development strategy for 2030. So says Abdelmajid Iraqui Houssaini, chairman of the board of this leading private electricity producer in Morocco, following his last meeting intended to approve the Group’s corporate and consolidated accounts.
An availability rate of around 95%
It shows, in detail, an overall availability rate of around 95%. “For the first half of 2023, Taqa Morocco achieved an overall availability rate of 94.9% compared to 92.7% as of June 30, 2022. This strong progression is explained by the successful execution of a minor revision of 25 days of Unit 5 in accordance with the maintenance plan during the period, as well as the positive repercussions of the minor and major overhauls carried out previously”, explains in this sense the company which has consolidated its industrial performance, thanks to the continuation of its operational efficiency approach and the continuous deployment of its preventive maintenance strategy.
As for turnover, according to the same source, it is “increasing following the increase in energy costs following the evolution of coal prices on the international market”. It is consolidated by “7,448 MDH, up 26.1% compared to the same period in 2022”. And that’s not all!
From operating profit
However, the Group recorded a significant drop in the reference index compared to the average purchase price of coal. “Taking into account the evolution of the purchase price of coal, the operating result stands at 1,379 MDH as of June 30, 2023, compared to 1,470 MDH as of June 30, 2022. At the same time, the observation of an exceptional exchange loss continued to the evolution of the USD/MAD parity during the first half of the year impacted the group’s share of net income which stood at 458 MDH as of June 30, 2023, compared to 605 MDH as of June 30, 2022,” says the company which continues to benefit from a balanced capital structure, with equity of MAD 7,333 billion as of June 30, 2023. To this end, the strengthening of the Group’s equity and the control of the working capital requirement which stands at MAD 636 million compared to 1,650 MDH at the end of 2022, have, according to the same source, “made it possible to further consolidate the financing capacities of Taqa Morocco, following the fundraising of 6.6 billion MAD”. All while revealing social accounts.
What is the social net result?
“The social net result amounts to 198 MDH as of June 30, 2023 compared to 240 MDH as of June 30, 2022 taking into account the evolution of the international coal price reference index”, adds the company which continues to highlight implements its main strategic priorities. These include the strengthening of its operational excellence, the optimization of production costs, as well as the implementation of its strategy aimed at developing a diversified portfolio of 1,000 MW of additional capacity by 2030 in the areas of low energy. carbon and seawater desalination.
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