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 Company’s shareholders that the Earnings Per Share (“EPS”) for the year ended 31st December 2021 is expected to be approximately 814% better than that for the year ended 31st December 2020.
The significant improvement in EPS is driven by the following:
- Approximately 87% reduction in the level of impairment loss provision on trade receivables, compared to prior year, computed in compliance with International Financial Reporting Standards.
- The effect of the reduction in Corporate Income Tax rate from 35% to 30% on deferred tax liability charged through the Statement of Income, amounting to USD9.2 million.
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 year ended 31st December 2021 to be released on SENS and published in the local media on or about 10th March 2022. 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 9th March 2022