LAt a conference held on Thursday, September 19 in Casablanca, Taqa Morocco unveiled its results for the first half of 2024. The turnover of the country’s leading private electricity producer is down 24.1% compared to the same period last year, standing at 5.65 billion dirhams. This decline is due to the downward trend in coal prices on the international market, which has led to a general decrease in energy costs.
At the same time, the group’s operating income increased by 2.8% to reach 1.47 billion dirhams at the end of June 2024. The financial result increased by 22.4% during the same period, supported in particular by the optimization of investments of excess cash. The net income group share (RNPG) thus stands at 526 million dirhams, an increase of 14.8%. ” TAQA Morocco’s performance in the first half of 2024 illustrates our operational and financial resilience in the face of the challenges of the global energy market. This strength allows us to continue to support the Kingdom’s strategic development in terms of energy transition and sustainability.”analyzes the CEO of Taqa Morocco, Abdelmajid Iraqui Houssaini.
Paris of the future
Beyond the operational performance which shows good prospects for the future, the Moroccan subsidiary of the Emirati group, reiterated, during this meeting, its commitment to the development of renewable energy projects in the kingdom, in which the group sees an opportunity for growth, beyond their profitability, still limited in the short term, in comparison to thermal energy projects. “Renewable energy projects may seem less profitable than a conventional thermal project at first glance, but they are multiple businesses. They are not projects where we focus only on the bottom line.”said Abdelmajid Iraqui Houssaini.
The group has thus confirmed its ambitions in the green hydrogen sector and its derivatives, in particular e-methanol (a methyl alcohol that can be used as fuel). To do this, the group announced that it had filed an application with the Moroccan Agency for Sustainable Energy (MASEN), as part of the new Morocco Offer for the development of green hydrogen, unveiled last March.
The group has not hidden its ambitions to invest in seawater desalination, highlighting the parent group’s experience in developing innovative solutions in the sector in the Gulf countries. “THE Morocco has an ambitious project to desalinate more than a billion cubic meters of water, of which the Casablanca plant should represent 300 million m3. As a major player in the sector, with our expertise in the Middle East, we intend to participate in these initiatives and contribute to the development of desalinated water in an affordable way, at the best cost for the user»stressed Omar Alaoui Mhamdi.
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