Q2 2023 Taqa Morocco SA Earnings Call Transcript
Hello, everyone. Welcome to TAQA's Q2 2023 Earnings Call. My name is Asjad Yahya, and I'm the Head of Investor Relations at TAQA. I am joined by our CFO, Steve Ridlington. Before we start, please note that this session is being recorded and by participating in this meeting, you consent to the recording. This presentation for the [usual script], Steve and I will talk through the operating highlights and the financial performance of this period, and then we'll open the floor for Q&A. With that, I hand over to Steve.
Thank you, Asjad, and good morning, good afternoon to everybody on the call today. I'm going to start on Slide 5, as usual, to give an overview of the second quarter to get us into this. So first of all, revenues for the second quarter were up 5%, and that's mainly driven by higher pass-through costs and inflation impact in our Transmission and Distribution segment. Our profitability, on the other hand, was impacted by the oil and gas business. This is the cumulative effect of lower commodity prices and a fall in production on the back
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