CEC Trading Statement for the year ended 31st December 2023
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 Group”) hereby advises the Group’s shareholders that the Earnings Per Share (“EPS”) for the year ended 31st December 2023 is likely to be approximately 171% better than that for the year ended 31st December 2022.
The significant improvement in EPS is driven by the following:
- The impact of the Debt Settlement Agreement signed between CEC and Konkola Copper Mines Plc (KCM). The implication of the Settlement Agreement on the Group was the immediate reversal in part of the previously impaired KCM receivable of US$172 million.
- The impairment of the investment in the Kabompo Hydropower project to an extent of US$35.4 million.
Shareholders are advised that the information in this trading statement has not been reviewed or reported on by the company’s external auditors.
The Group expects its results for the year ended 31st December 2023 to be released on SENS and published in the local media on or about 4th March 2024. 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)
Company Secretary
Issued in Lusaka, Zambia on 29 February 2024
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