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TAQA Morocco

TQM · Bourse de Casablanca · Consolidated statements

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Company details
Legal name
TAQA Morocco S.A.
Listing
TQM on the Bourse de Casablanca, active · ISIN MA0000012205 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

  • Revenue

    MAD 10.6 billion

    10,637,640 MAD thousands · p3

    −2.2% vs 2024

  • Operating profit / (loss)

    MAD 2.44 billion

    2,442,711 MAD thousands · p3

    −7.2% vs 2024

  • Profit / (loss) for the year

    MAD 1.27 billion

    1,274,835 MAD thousands · p3

    −7.4% vs 2024

  • Total assets

    MAD 20.3 billion

    20,299,976 MAD thousands · p3

    −3.0% vs 2024

  • Total equity

    MAD 7.50 billion

    7,498,609 MAD thousands · p3

    +1.8% vs 2024

  • Cash from operations

    MAD 1.81 billion

    1,812,793 MAD thousands · p3

    +29.1% vs 2024

Large amounts are rounded for reading (MAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, MAD thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Chiffre d'affaires net 10,637,640 10,878,079
Autres produits d'exploitation1 11 7,709
Reprises d'exploitation et transferts de charges2 61,066 9,144
Produits d'exploitation3 10,698,717 10,894,931
Achats et autres charges externes4 (7,125,379) (7,118,616)
Impôts et taxes5 (24,204) (23,828)
Charges de personnel (293,653) (285,956)
Dotations aux amortissements et provisions6 (812,770) (833,918)
Charges d'exploitation7 (8,256,006) (8,262,318)
Résultat d'exploitation 2,442,711 2,632,614
Résultat financier8 (371,286) (404,313)
Résultat courant9 2,071,425 2,228,301
Résultat non courant10 (86,771) (131,140)
Résultat avant impôts 1,984,654 2,097,161
Impôts sur les bénéfices (709,819) (720,085)
Résultat net consolidé 1,274,835 1,377,076
Intérêts minoritaires11 294,114 324,252
Notes and alternative reported figures (11)
  1. “Autres produits d'exploitation” is an issuer-specific line, not mapped to a shared definition: Other operating income.
  2. “Reprises d'exploitation et transferts de charges” is an issuer-specific line, not mapped to a shared definition: Operating provision reversals and expense transfers.
  3. “Produits d'exploitation” is an issuer-specific line, not mapped to a shared definition: Total operating income.
  4. “Achats et autres charges externes” is an issuer-specific line, not mapped to a shared definition: Purchases and other external charges (note 14).
  5. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax.
  6. “Dotations aux amortissements et provisions” is an issuer-specific line, not mapped to a shared definition: Depreciation, amortisation and provisions (note 16).
  7. “Charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Total operating charges.
  8. “Résultat financier” is an issuer-specific line, not mapped to a shared definition: Net financial result (note 17).
  9. “Résultat courant” is an issuer-specific line, not mapped to a shared definition: Operating result plus financial result.
  10. “Résultat non courant” is an issuer-specific line, not mapped to a shared definition: Non-current (exceptional) result (note 18).
  11. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Net result attributable to minority interests.

Balance sheet

Balance sheet, MAD thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Immobilisations incorporelles 4,126,354 4,336,799
Écart d'acquisition1 103,578 –2
Immobilisations corporelles 7,307,276 7,614,811
Immobilisations financières3 679 679
Écarts de conversion - Actif4 95,761 169,589
ACTIF IMMOBILISÉ 11,633,649 12,121,880
Stocks et en-cours 2,020,587 1,812,072
Créances d'exploitation 2,150,532 2,254,705
Créances diverses5 1,212,415 1,146,577
Titres et valeurs de placement 3,227,026 3,517,860
Écarts de conversion - Actif6 13,582 14,761
Trésorerie actif 42,184 52,224
ACTIF CIRCULANT 8,666,327 8,798,200
TOTAL ACTIF 20,299,976 20,920,079
• Capital 2,358,854 2,358,854
Prime d'émission 1,164,805 1,164,805
Réserves consolidées7 2,268,363 2,088,333
Résultat net Part du Groupe8 980,722 1,052,824
Capitaux propres Part du Groupe 6,772,744 6,664,816
Intérêts minoritaires 725,865 703,751
CAPITAUX PROPRES CONSOLIDÉS 7,498,609 7,368,567
Provisions pour risques et charges9 2,841 29,148
Dettes de financement 9,679,219 10,342,642
Non-current liabilities (unlabelled subtotal) 9,682,059 10,371,789
Dettes d'exploitation 2,213,320 2,380,718
Autres dettes10 905,988 799,005
PASSIF CIRCULANT 3,119,307 3,179,723
Trésorerie passif –11 –11
DETTES ET TRÉSORERIE PASSIF 12,801,367 13,551,512
TOTAL PASSIF 20,299,976 20,920,079
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (9)
  1. “Écart d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill arising on consolidation (fixed assets).
  2. “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets.
  3. “Écarts de conversion - Actif” is an issuer-specific line, not mapped to a shared definition: Unrealised foreign-exchange losses deferred under Moroccan GAAP, within fixed assets.
  4. “Créances diverses” is an issuer-specific line, not mapped to a shared definition: Other receivables (note 5).
  5. “Écarts de conversion - Actif” is an issuer-specific line, not mapped to a shared definition: Unrealised foreign-exchange losses deferred under Moroccan GAAP, within current assets.
  6. “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
  7. “Résultat net Part du Groupe” is an issuer-specific line, not mapped to a shared definition: The year's group-share net result shown within equity.
  8. “Provisions pour risques et charges” is an issuer-specific line, not mapped to a shared definition: Provisions for risks and charges (note 9), non-current.
  9. “Autres dettes” is an issuer-specific line, not mapped to a shared definition: Other current liabilities (note 12).

Cash flow

Cash flow, MAD thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Résultat net des sociétés intégrées1 1,274,835 1,377,076
- Dotations d'exploitation et dotations non courantes2 767,375 864,315
- Variation des Impôts différés3 (17,432) (27,481)
- Plus-values des cessions nettes d'impôt4 –5 –5
Variation du Besoin en Fonds de Roulement lié à l'activité6 (211,986) (809,808)
Flux net de trésorerie généré par l'activité 1,812,793 1,404,101
Acquisition des immobilisations7 (165,385) (292,374)
Cessions d'immobilisations nettes d'impôts8 –9 –9
Acquisition titres consolidés10 (99,700) –9
Incidence de variation de périmètre11 417 –9
Flux net de trésorerie liés aux opérations d'investissement (264,668) (292,374)
Dividendes versés (1,185,576) (1,097,599)
Augmentation de capital en numéraire12 –13 –13
Emission d'emprunts –13 –13
Remboursement d'emprunts (663,423) (678,202)
Flux net de trésorerie liés aux opérations de financement (1,848,999) (1,775,801)
Variation de trésorerie (300,874) (664,074)
Trésorerie d'ouverture 3,570,085 4,234,158
Trésorerie de clôture 3,269,210 3,570,085
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (10)
  1. “Résultat net des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Starting point of the indirect method.
  2. “- Dotations d'exploitation et dotations non courantes” is an issuer-specific line, not mapped to a shared definition: Non-cash charges added back.
  3. “- Variation des Impôts différés” is an issuer-specific line, not mapped to a shared definition: Deferred-tax movement eliminated.
  4. “- Plus-values des cessions nettes d'impôt” is an issuer-specific line, not mapped to a shared definition: Disposal gains eliminated.
  5. “Variation du Besoin en Fonds de Roulement lié à l'activité” is an issuer-specific line, not mapped to a shared definition: Working-capital movement.
  6. “Acquisition des immobilisations” is an issuer-specific line, not mapped to a shared definition: Purchases of fixed assets (intangible and tangible together).
  7. “Cessions d'immobilisations nettes d'impôts” is an issuer-specific line, not mapped to a shared definition: Disposals of fixed assets.
  8. “Acquisition titres consolidés” is an issuer-specific line, not mapped to a shared definition: Purchase of consolidated shares.
  9. “Incidence de variation de périmètre” is an issuer-specific line, not mapped to a shared definition: Effect of changes in the scope of consolidation.
  10. “Augmentation de capital en numéraire” is an issuer-specific line, not mapped to a shared definition: Cash capital increase.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)1 41.58 44.63
Profit / (loss) attributable to shareholders (MAD thousands)2 980,722 1,052,824
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Résultat net par action (en dirhams)”.
  2. Profit / (loss) attributable to shareholders: printed as “Résultat net Part du Groupe”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividendes versés (1,185,576) MAD thousands Audited financial statements, p3
31 Dec 2024 Dividends paid (cash flow statement) Dividendes versés (1,097,599) MAD thousands Audited financial statements, p3

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • TAQA Morocco RÉSULTATS FINANCIERS AU 31 DÉCEMBRE 2025 — ÉTATS FINANCIERS AU 31 DÉCEMBRE 2025, COMPTES CONSOLIDÉS

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: Deloitte Audit; PwC Maroc, unmodified opinion · signed

    Auditor's sign-off: Adnane FAOUZI, Associé, Deloitte Audit; Mounsif IGHIOUER, Associé, PwC Maroc

    Final status: Commissaires aux comptes' report on the consolidated statements dated 'Casablanca, le 25 mars 2026', with a handwritten signature and the Deloitte Audit stamp for Adnane FAOUZI (Associé) and the PwC Maroc stamp with signature for Mounsif IGHIOUER (Associé) (PDF p8, page image). No board approval date is printed.

    Document date
    25 Mar 2026
    Published
    27 Mar 2026
    Auditor's report
    25 Mar 2026
    Board approval
    date not recorded
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · MAD thousands (printed “en milliers de dirhams”)
    • 'Trésorerie de clôture' 3 269 210 (2024: 3 570 085) includes 'Titres et valeurs de placement' 3 227 026 as well as 'Trésorerie actif' 42 184 on the bilan (p3).
    • The cash-flow statement's cash (trésorerie) includes marketable securities (titres et valeurs de placement), so the checks of opening and closing cash against 'Trésorerie actif' fail by exactly 3 227 026 (2025) and 3 517 861 (2024) (p3).
    • The long-term liabilities section (provisions for risks and charges and financing debt) closes on an unlabelled subtotal 9 682 059 (2024: 10 371 789); provisions 2 841 + debt 9 679 219 = 9 682 060, a rounding difference of 1 as printed (p3).
    • The publication 'Résultats financiers au 31 décembre 2025' prints the consolidated bilan, compte de produits et charges and tableau des flux de trésorerie (p3), the consolidated ETIC notes 1-24 (pp3-7) and the auditors' report on them (p8), then the company statements and their general report (pp9-16).
    Technical details
    File
    17 pages, with a text layer
    SHA-256
    2426d0105196079b4363dd6c06f853ebe0ee71e63516cfb07bb793b599695b37
    Entity as printed
    TAQA Morocco S.A. et ses filiales (le « Groupe »)
    Exchange copy
    retrieved 2026-10-08T18:23:41Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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