TAQA, an Abu Dhabi national energy company, announced that the first-half net profit at its Moroccan unit for 2016 improved as it took advantage of low coal prices, The National reported.
TAQA Morocco said its first-half net profit for 2016 rose by 5% to $48m, according to Gulf News. Revenue, however, fell by 7% to more than $4m, down from $4.11m due to minor repairs to one of its units at Jorf Lasfar Energy, near the city of El Jadida on the Atlantic coast. Furthermore, the company’s coal purchase price fell 11% during the period.
TAQA Morocco operates the largest coal-fired power plant in the Middle East and North Africa under Jorf Lasfar Energy. TAQA delivers about 50% of electricity for the domestic moroccan market with its 2,056MW coal-fired power plant. It also represents more than 30% of the North African country’s installed capacity.
TAQA Morocco invested heavily in its power plant at Jorf Lasfa. The company had raised $150m on the Casablanca stock exchange and sealed a $1.4b financing deal with Japanese and Korean banks.