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TAQA Morocco, a leading Independent Power Producer (IPP) managed by Moroccan businessman Abdelmajid Iraqui Houssain, has recorded a double-digit percentage growth in profit at the end of its fiscal year 2021, as the energy producer continues to focus on improving operational productivity.
According to the company’s financial statements, its consolidated net profit increased by 12 percent from MAD1.14 billion ($116.9 million) at the end of 2020 to MAD1.28 billion ($131.2 million) in 2021.
Despite a marginal 30 basis point rise in revenue from MAD7.79 billion ($798.8 million) in 2020 to MAD7.81 billion ($800.85 million) in 2021, the company maintained a strong financial performance.
The double-digit percentage surge in profits was driven by a strong recovery in the economy from the disruption caused by the pandemic, continuous efforts to improve operational productivity, and the optimization of operating and maintenance expenses in line with the management’s cost strategies.
“Solid operating performance drove the enhanced financial performance in 2021,” Houssain said in a statement regarding the company’s financial results at the end of 2021. “The commitment and know-how of TAQA Morocco’s employees were key to delivering improved results. They demonstrated resilience and expertise in a complex health situation and energy context.”
Under the leadership of Houssaini, TAQA Morocco has evolved into a prominent participant in Morocco’s energy industry as the country’s first private generator of power.
Aside from generating 38 percent of Morocco’s power output, the electricity producer meets more than 50 percent of the country’s electricity demand and 30 percent of total installed capacity.
Shares in Moroccan power production were trading at MAD1,100 ($112.8) per share as of press time on March 21, up 4.07 percent from their starting price last week Friday.
As a result of the company’s financial performance, the board of directors authorized the payment of a final dividend of MAD35 ($3.59) per share to shareholders on Sept. 23.
