NASDAQ.com
Reuters
by Samia Errazzouki
Taqa Morocco, which supplies about 38 percent of the country’s electricity supply, said on Wednesday its 2016 net profit rose by 11.4 percent to 978 million Moroccan dirham ($98.07 million), citing improved operations and lower coal prices.
Owned by Abu Dhabi National Energy Co, Taqa Morocco operates the largest coal-fired power plant in the Middle East and North Africa. Its revenues fell 8.5 percent to 8.05 billion dirhams, the company said.
However, operations benefited from a 14 percent drop in coal prices, it said. Consolidated margins have improved by 32 percent in 2016, up from 28 percent last year, the company said.
Reporting by Samia Errazzouki ((pat.markey@thomsonreuters.com; +213-661-692993; Reuters Messaging: pat.markey.thomsonreuters.com@reuters.net))
