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TAQA Morocco Boosts Dividend by 3% Despite 6.8% Profit Dip, Accelerates Clean Energy Transition
TAQA Morocco reported a 6.8% year-on-year decline in consolidated net profit for 2025, ending at 981 million dirhams, largely due to lower revenue from coal price volatility and adverse USD/MAD exchange rates. Despite this, the company maintained solid operational performance with a 92.1% availability rate and proposed a 3% increase in dividend to 38 dirhams per share. Strategically, TAQA Morocco is accelerating its diversification into low-carbon sectors, launching new subsidiaries for flexible generation, water desalination, and green hydrogen, while advancing the 144 MW Boujmil wind project.
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Financial Performance: Profit Dip, Dividend Hike
TAQA Morocco reported consolidated revenue of 10,638 million dirhams (MDH) for 2025, down 2.2% from 10,878 MDH in 2024. The decline stemmed from a 25-day planned maintenance outage on Unit 6, lower energy costs tied to international coal prices, and unfavorable foreign exchange impacts from the USD/MAD parity. Consequently, the operating margin contracted to 23% from 24.2% a year earlier.
Net profit attributable to the group (RNPG) fell 6.8% to 981 MDH, compared to 1,053 MDH in 2024. However, the Management Board proposed a dividend of 38 dirhams per share, a 3% increase from the previous year, signaling confidence in the company's cash flow generation despite market headwinds.
Operational Excellence Maintained
The company achieved a global availability rate of 92.1% across its power generation assets, slightly down from 93% in 2024. This performance accounted for the scheduled revision on Unit 6 and mandatory inspections on Units 1, 3, 4, and 5, all executed per the maintenance plan, underscoring TAQA Morocco's reliable operational framework.
Strategic Diversification into Low-Carbon Sectors
Executing its 2030 strategic plan, TAQA Morocco aggressively expanded its business platforms in late 2025. Four new wholly-owned subsidiaries were established:
- TAQA Morocco Flexible Generation: Focused on developing low-carbon, flexible power capacity.
- TAQA Morocco Transmission: Dedicated to energy and water transport infrastructure.
- TAQA Morocco Water: Tasked with seawater desalination projects.
- JLEC 1-4: Managing the legacy thermal power assets.
Additionally, the 144 MW Boujmil wind farm project broke ground in Q4 2025, with financial closure targeted for Q2 2026. In green hydrogen, the consortium with Moeve secured preliminary land agreements and launched feasibility studies for green ammonia and industrial fuel production.
Fortifying Financial and Strategic Partnerships
TAQA Morocco strengthened its funding channels by signing memoranda of understanding with UK Export Finance (UKEF) and the Japan Bank for International Cooperation (JBIC). These partnerships aim to finance energy transition and infrastructure projects aligned with Morocco's sustainable development roadmap.
Sustainability and Community Engagement
The company committed to reducing carbon intensity by 25% by 2030. It maintained a flawless safety record, with 100% of employees covered by an HSE management system. Its community initiative, "TAQA Morocco for Community," impacted over 20,400 individuals via 28 health, education, and environmental projects, supported by 131 employee volunteers.
Outlook: Decarbonization and Growth
TAQA Morocco reaffirms its commitment to operational excellence and cost competitiveness as it pivots to a decarbonized energy mix by 2030. Key priorities include scaling renewable capacity, advancing water desalination, and developing the green hydrogen value chain.
Abdelmajid IRAQUI HOUSSAINI, President of the Management Board, commented: "The 2025 results reflect the resilience of our operational model, with high availability and controlled performance despite a less favorable market context. In parallel, we accelerated our diversification strategy, marked by the launch of the Boujmil wind project, progress on green hydrogen, and the structuring of new platforms for low-carbon and water-energy infrastructure. Our strengthened international financial partnerships will support this development dynamic."