In accordance with Section 3.4(b) of the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of the Copperbelt Energy Corporation Plc (“CEC” or “the Company”) hereby advises the Shareholders of CEC that the Earnings Per Share (“EPS”) for the six months ended 30th June 2021 is expected to be approximately 180% better than that for the six months period ended 30th June 2020.
The movement in EPS is primarily attributed to the reduction in the level of impairment loss provision on trade receivables computed in compliance with IFRS 9. The impairment loss provision for the half year of 2021 is 96% lower relative to the comparable period in 2020. This is as a result of the Company having taken a significant portion of the impairment in 2020 on the KCM debt to CEC, which to date continues to remain unpaid. The Company expects to take minimal impairment relating to KCM in 2021.
Shareholders are advised that the information contained in this trading statement has not been reviewed or reported on by the external auditors of the Company.
The Company expects its results for the six months ended 30th June 2021 to be released on SENS and published in the local media on or about 13th September 2021. Accordingly, Shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results.
By order of the Board
Julia C Z Chaila (Mrs)
Issued in Lusaka, Zambia on 10 September 2021
|Lusaka Securities Exchange Sponsoring Broker|
|T | +260-211-232456
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a registered member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia
First Issued on 10 September 2021