CEC | FY2017 earnings results
In compliance with the requirements of the Securities Act and the Listing Rules of the Lusaka Securities Exchange, the Copperbelt Energy Corporation Plc (CEC) announces its audited results for the year ended 31 December 2017.
Financial highlights
- The Company’s commitment to ensuring shareholders earn a return through dividend and sustained share price growth continued.
- Revenue increased by 1% in Zambian Kwacha terms (ZMW) from ZMW3,657 million in 2016 to ZMW3,697 million due to the increase in mining customers’ end-user tariffs.
- The Company has recorded a profit after tax of ZMW534 million compared to a loss of ZMW1,161 in 2016.
- Power trading revenue decreased by 22% in USD terms from 2016. The reduction was attributable to improvements in the power situation in the Southern African Power Pool (SAPP) which resulted in tariff reductions. This is not withstanding that volumes sold increased during the year.
Dividends proposed and paid
During the year under review, the Company paid a dividend of ZMW199 million (USD21 million).
Health, Safety, Environment and Social (HSES)
Our safety, health and environmental management performance continues to record improvement with the systems being implemented in this regard receiving both local and international appreciation…
Operational performance
Local power sales edged up slowly as demand recovery, from the commodity price slump of the past few years, averaged 2% over the period. We sold 3,513GWh compared to 3,521GWh in 2016. Our capacity sales, on the other hand, showed better recovery increasing by 2%, from 454MW in 2016 to 462MW. In revenue terms, local power sales recorded an increase of 10% over 2016. Domestic wheeling was on the upturn, recording a recovery rate of about 8%, with average capacity of 246MW wheeled compared to 228MW the previous year; accounting for 3% of the total revenue…
Events subsequent to the reporting date
Reflecting our continued confidence in the strength and prospects of the business the directors, on 25 January 2018, recommended an interim dividend of US Cents 1.6 per ordinary share, which translates to 16 Ngwee (ZMW0.1557) per share, using the Bank of Zambia midrate applicable on the date of declaration. The dividend was paid to shareholders on the Company’s register at the close of business on Friday, 2 March 2018. Dividend payments were posted from Monday, 5 March 2018…
By Order of the Board
Julia C Z Chaila (Mrs.)
Company Secretary
Issued in Lusaka, Zambia on 15 March 2018
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