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|14 March, 2019

Electricity supplier Taqa Morocco reports small rise in annual profit

The company said its net profit attributable to shareholders totalled $109mln for 2018

Image of Taqa Morocco used for illustrative purpose.

Image of Taqa Morocco used for illustrative purpose.

Abu Dhabi National Energy Company (TAQA)

CASABLANCA- Power company Taqa Morocco, owned by Abu Dhabi National Energy Co, reported a 3.4 percent rise in 2018 net profit after it increased production at its six plants.

Taqa Morocco is the North African country's largest independent electricity provider and operates the biggest coal-fired power plant in the Middle East and North Africa.

It said its net profit attributable to shareholders totalled 1.04 billion dirhams ($109 million) for 2018 as total revenues rose 5.3 percent to 8.08 billion dirhams despite a rise in coal prices in the international market.

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Operating income increased by 2.6 percent to 2.64 billion dirhams as the company, helped by improved efficiency regarding maintenance costs and other areas.

The Casablanca-listed company proposed an annual dividend of 40 dirhams per share, the same as last year.

(Reporting by Ahmed Eljechtimi; Editing by Susan Fenton) ((ahmed.eljechtimi@thomsonreuters.com;))

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