Q2 2024 Taqa Morocco SA Earnings Call Transcript
Key Points
- Taqa Morocco SA (CAS:TQM) reported a 2% year-on-year increase in adjusted EBITDA, driven by strong performance in the transmission and distribution segments.
- Net profit saw an 18% increase, supported by contributions from the oil and gas segments.
- Free cash flow nearly doubled year-on-year to AED4 billion, aided by positive working capital changes.
- The company announced an interim dividend of 0.7 fils per share, aligning with its declared dividend policy.
- Fitch upgraded Taqa Morocco SA's rating to AA, reflecting strong ties to the Abu Dhabi government and a resilient business model.
- Overall revenues declined slightly compared to Q2 2023, primarily due to lower contributions from the oil and gas and generation segments.
- The generation segment experienced a 6% year-over-year decline in revenues, mainly due to lower pass-through fuel revenue.
- The oil and gas segment saw a 39% year-on-year decrease in revenues, impacted by lower commodity prices and reduced production volumes.
- Net debt to EBITDA ratio slightly decreased to 2.3 times, indicating a need for careful debt management.
- The generation segment's adjusted EBITDA was 5% lower year-on-year due to higher general and administrative expenses and lower contributions from associates and joint ventures.
Hello, everyone, and welcome to Taqa's Q2 2024 results call. My name is Asjad Yahya, Head of Investor Relations, and I'm joined by our CFO, Steve Ridlington. Please note that this session is being recorded and by participating in this meeting, you consent to the recording. Please note that this session is being recorded and by participating in this meeting, you consent to the recording. This presentation will follow the usual script. Steve and I will walk you through the operating highlights and the financial performance of this period, and we will then open the floor for Q&A session.
I'll now pass over to Steve, who will guide you through the key highlights of Q2 2024.
Thank you Asjad. Thanks all for being with us today. So turning to slide 5, shows the results overview. Q2 were proved to be another healthy quarter for Taqa. Our utility segments continued to perform well with the consolidation of SWS Holding enhancing the underlying performance of the business. This
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
