CEC | Release of 2013 annual report
The Directors of Copperbelt Energy Corporation PLC (“CEC”) are pleased to announce the release of the annual report for the year ended 31 December 2013. Below is an extract from the Executive Chairman’s Statement.
Chairman’s Statement
2013 presented a real opportunity for the business to grow and step into unchartered waters with focus and determination, executing focused acquisitions and proving the caliber of a strong and experienced management team, and a winning, resilient and innovative culture that has backed the evolution of the business over the years…
Financial Performance
CEC Group consolidated revenue for the year ended 31st December 2013 was K1,706 million, a 26% increase over 2012 income (K1,359 million). Earnings per share rose over 100% to K0.46 compared to a 10% increase to K0.11 in 2012. Net earnings of K458 million give a return on equity of 18%, which is 50% higher than in 2012. This growth was mainly due to the one-off gain of K716 million on CEC Africa’s acquisition of assets in Nigeria…
CEC PLC Board Operation
Three directors exited the board during the year and were replaced by equally competent and experienced members, who have brought the necessary value to the board…
Outlook
Globally, renewables and smart energy should be expected to be a recurring theme in 2014. A lot more attention is beginning to be paid to possibilities for developing and exploiting renewable energy sources in Zambia and we will be keenly watching and getting involved in that space. We are particularly eager to develop identified solar power opportunities going into the next period…
Hanson Sindowe
Executive Chairman
