PRESS RELEASE - FULL YEAR 2024 RESULTS | CASABLANCA, MARCH 10TH, 2025 |
The Management Board of TAQA Morocco, chaired by Mr Abdelmajid IRAQUI HOUSSAINI, met on March 4th, 2025 to approve the statutory and consolidated financial statements for the year ended December 31st, 2024.
- Strong operational resilience with a global availability rate maintained at 93%
- Revenue evolution reflecting lower energy payment amid declining international coal prices
- Strengthened commitment to sustainability with the implementation of the TAQA Morocco Way leadership model and acceleration of social initiatives under TAQA Morocco for Community
- Proposed dividend distribution of 37 MAD per share
- Selection of TAQA Morocco's project, in consortium with Moeve (formerly Cepsa), for green ammonia and industrial fuel production by the Steering Committee of Morocco's Green Hydrogen Offer, paving the way for negotiations on preliminary agreements to secure land and launch feasibility studies
- Scheduled launch in 2025 of the Boujmil wind farm, with a total capacity of 144 MW and an initial phase of 100 MW expected to be commissioned by 2027
«TAQA Morocco's 2024 results confirm the continued strengthening of our operational excellence and financial discipline, in line with our strategic roadmap. Through the TAQA Morocco WAY model, we are enhancing the agility and collective performance of our teams to support our expansion in a rapidly evolving energy sector.This momentum enables us to maintain our financial strength while actively contributing to Morocco's energy transition and sustainable development. At the same time, we are reinforcing our societal commitment through TAQA Morocco for Community, supporting high-impact initiatives in education, healthcare, and the environment to deliver lasting positive impact for local communities»
Abdelmajid IRAQUI HOUSSAINI, Chairman of the Management Board, TAQA Morocco.
CONSOLIDATED KEY FIGURES IN MAD MILLION
December 31, 2024 | December 31, 2023 | Variance in value | Variance in % | |
Revenue | 10,878 | 13,191 | (2,313) | (17.5%) |
EBITDA | 3,454 | 3,559 | (105) | (3.0%) |
Operating income | 2,633 | 2,708 | (75) | (2.8%) |
Net financial income | (404) | (584) | 179 | 30.7% |
Consolidated net income | 1,377 | 1,349 | 28 | 2.1% |
Net income, Group share | 1,053 | 1,037 | 15 | 1.5% |
Minority Interest | 324 | 312 | 12 | 4.0% |
Net debt/EBITDA | 1.6x | 1.6x | - | - |
- As of December 31, 2024, the financial statements of JLEC 5 & 6 taken into account for consolidation correspond to the period from October 1, 2023 to September 30, 2024, in accordance with the consolidation methods adopted by the TAQA Morocco Group.
SOLID OPERATIONAL PERFORMANCE
TAQA Morocco continues to implement its predictive and preventive maintenance strategy, reinforcing its commitment to operational excellence. The availability rate for 2024 stands at 93%, compared to 93.7% as of December 31, 2023. This performance reflects the completion of a 25-day minor overhaul on Unit 2 and an 11-day inspection on Unit 3, in accordance with the maintenance plan.
DECLINING INTERNATIONAL COAL PRICES
In 2024, international coal prices recorded a 13% decrease compared to 2023, leading to lower energy payments. In this context, total revenue for the year reached 10,878 million MAD, compared to 13,191 million MAD in 2023.
IMPROVED OPERATIONAL MARGIN AND PROFITABILITY
The operational margin for the year stood at 24.2%, marking 3.7 percentage points improvement compared to 2023. This performance highlights TAQA Morocco's ongoing efforts in operational efficiency.
Driven by a higher operational margin and stronger financial results, the Group's Net Income reached 1,053 million MAD, up 1.5% from 2023.
ROBUST FINANCIAL POSITION
The debt restructuring of TAQA Morocco's subsidiary JLEC 5&6, completed in 2023, has enabled the Group to optimize its capital structure and free up additional financial resources.
Coupled with the Group's solid operational performance, this has further strengthened its financial resilience, maintaining a stable net debt/EBITDA ratio of 1.6x.
STATUTORY FINANCIAL STATEMENTS
As of December 31, 2024, staturory net income stood at 1,061 million MAD, compared to 2,346 million MAD in 2023, reflecting the impact of the JLEC 5&6 debt reprofiling in 2023.
ONGOING DEVELOPMENT OF LOW-CARBON ENERGY PROJECTS
As part of its strategy to develop 1,000 MW of additional low-carbon capacity by 2030, TAQA Morocco is set to launch the first phase of the Boujmil wind project in 2025, with an initial capacity of 100 MW, to be expanded to 144 MW.
Additionally, the TAQA Morocco-Moeve consortium has been selected under Morocco's Green Hydrogen Offer to develop a green ammonia and industrial fuel production project. Negotiations with relevant authorities will commence to finalize preliminary agreements and secure the necessary land for feasibility studies.
SUSTAINABILITY COMMITMENTS
TAQA Morocco continues to advance its sustainability strategy by strengthening its commitments to energy transition, human capital development, and social impact. This includes the cultural transformation initiated through the TAQA Morocco Way leadership model, designed to promote agility, innovation, and collective performance in support of low-carbon projects. Through its positive impact program TAQA Morocco for Community, the Group remains focused on high-impact initiatives in education, healthcare, and the environment, reinforcing its commitment as a responsible and engaged corporate company.
DIVIDENDS
The Management Board proposes a dividend distribution of 37 MAD per share, representing a 6% increase compared to 2023, subject to approval by the Ordinary General Assembly.
OUTLOOK
TAQA Morocco remains committed to executing its strategic priorities, with a continued focus on operational excellence and cost optimization. Looking ahead to 2030, the Group aims to develop a diversified portfolio, integrating new low- carbon energy capacities alongside seawater desalination projects, reinforcing its leadership in Morocco's sustainable energy transition.
About TAQA Morocco
Founded in 1997, TAQA Morocco is the country's leading independent power producer (IPP). The company sits as the very heart of Morocco's strategy to build diverse energy sources set to drive its growth and industrialization.
TAQA Morocco delivers 35% of the country's electricity from 18% of installed capacity. Listed on the Casablanca Stock Exchange since December 2013, TAQA Morocco is positioning itself as a benchmark energy operator in Morocco, with the ambition of supporting the low-carbon strategy of the Moroccan energy mix and the national water plan.
Subsidiary of Abu Dhabi National Energy Company «TAQA» TAQA Morocco • Head Office : Km 23, Route secondaire 301 - Moulay Abdellah commune - El jadida Province - Centrale Thermique Jorf Lasfar - B.P.99 - Sidi Bouzid - El Jadida - Morocco Tel : +212 523 380 000 - Fax : +212 523 345 375 Contact : finance@taqamorocco.ma
TAQA Morocco's Presse release is published on its website at the following link:
https://www.taqamorocco.ma/fr/investisseurs/rapports-fnanciers-et-presentations