TAQA Morocco has reported robust operational performance for the first nine months of 2024, withstanding a dip in coal prices and scheduled maintenance adjustments. The energy giant recorded an overall production availability rate of 92.7%, a slight drop from last year’s 95.1% but reflecting a steadfast commitment to rigorous maintenance practices that ensure smooth operation across all units.

Consistent maintenance to secure reliability

To optimize production and sustain unit availability, TAQA Morocco carried out extensive preventive and predictive maintenance activities throughout the year. As part of its maintenance schedule, a 25-day overhaul of Unit 2 was conducted in the third quarter of 2024, accompanied by an 11-day inspection of Unit 3 in the first quarter. While these essential maintenance measures temporarily affected availability—registering a third-quarter rate of 89.8%, compared to 95.3% in Q3 of 2023—they underscore the group’s commitment to safe and enduring operations.

Revenue impacted by energy market dynamics

TAQA Morocco reported consolidated revenue of MAD 8.13 billion as of September 30, 2024, down from MAD 10.43 billion in 2023. This decline largely stems from the falling international coal prices, which influenced energy costs, and from the temporary shutdowns linked to the Unit 2 overhaul and Unit 3 inspection. Third-quarter revenue amounted to MAD 2.48 billion, a year-over-year decrease from MAD 2.98 billion in the same period of 2023.

Operating income for TAQA Morocco stood at MAD 1.99 billion for the period, slightly below the MAD 2.11 billion achieved in 2023. The group’s Net Income Attributable to Shareholders reached MAD 756 million, a minor dip from MAD 787 million the previous year. This stability in profitability highlights the group’s resilience in weathering challenging market conditions.

Strategic investment and debt reduction drive

In line with its commitment to operational efficiency, TAQA Morocco continued targeted investments, totaling MAD 164 million by September 2024. These funds primarily supported the Unit 2 overhaul and additional operational and maintenance initiatives across all production units. Concurrently, the group achieved a substantial reduction in net debt, which stood at MAD 4.65 billion—a 21.7% decrease from the previous year—thanks to diligent cash management and strategic debt repayment.

Stable consolidation scope and ambitious future goals

TAQA Morocco maintained a stable consolidation scope for Q3 2024, with full ownership of TAQA Morocco and TAQA Morocco Green Energy, and a 66% stake in JLEC Units 5 & 6. The group remains focused on enhancing operational efficiency and managing production costs as part of its long-term 2030 strategy. This roadmap includes ambitious plans to expand low-carbon energy capabilities and develop seawater desalination technology, positioning TAQA Morocco to meet future energy and environmental demands.