Moroccan power company Taqa Morocco, owned by Abu Dhabi National Energy Co, reported a net profit attributable to shareholders of  799 million Moroccan dirham ($83.6 million) in 2014, an increase of 102 per cent compared to the previous year, citing production from new units.

Taqa Morocco runs the largest coal-fired power plant in the Middle East and North Africa. It is also the first independent power producer (IPP) in Morocco, supplying 38 per cent of the kingdom's electricity.

The company increased the plant's capacity by 700 megawatts (MW) to 2,065 MW and sold 15 per cent of its capital in the Casablanca stock exchange at the end of 2013.

Total revenue jumped 50.2 per cent to 7.41 billion dirhams and the company proposed a dividend of 22 dirhams per share, which it said was above expectations in its business plan.

Taqa Morocco shares fell 4.6 per cent in early trading, with traders saying that investors had been expecting a higher dividend.

"Last year the company proposed 106 dirhams per share, so investors were expecting at least 35 dirhams, even though the business plan has changed," one trader said. – Reuters