Release of 2013 interim financial results
In compliance with the requirements of the Securities Act and the Listing Rules of the Lusaka Stock Exchange, Copperbelt Energy Corporation PLC announces the unaudited results for the six month period ended 30th June 2013 (Half Year Results).
Note: The Financial Statements for the half year to 30 June 2012 and comparative figures for the year ended 31 December 2012 and six months period to 30 June 2012 have been stated in Kwacha thousands (ZMW’000), following the re-basing of the Zambian Kwacha by 1,000 with effect from 1st January 2013.
Below are extracts from the results:-
Financial Highlights
- The Revenue for the Group has increased by 11% compared to the half year 2012. This is mainly due to higher sales volumes to the mines, which increased from 1,912 GWh to 2,133 GWh during the period.
- The Group has increased its net profit by 4% compared to the same period last year.
- There has been a reduction in the profit attributable to shareholders and the earnings per share due to increased finance costs. This is mainly due to financing for new investments.
CEC Profile
CEC’s core business remains the supply of power to the mines based on the Copperbelt, it continues to wheel power through its network on behalf of ZESCO Ltd [ZESCO] on the Copperbelt, and to operate an interconnector with the Democratic Republic of Congo [DRC]…
Dividends Proposed and Paid
During the period under review, a dividend of ZMW20,000,000 was proposed and paid, which represented a dividend of ZMW0.02 per share.
Operations Update
CEC’s core business involves use of its extensive power transmission and distribution infrastructure in and around the Copperbelt to reliably and efficiently supply power to its mine customers and wheel power on behalf of ZESCO…
Future Developments
The Company is seeking to consolidate its investments in Zambia and Nigeria, and will continue to develop other projects, including the completion of feasibility studies for potential hydro projects on the Luapula River.
Events subsequent to the reporting date
The Shareholders of CEC approved the Company calling for a Rights Issue to provide additional equity funding for CEC’s expansion projects in Zambia and Nigeria. The timing and details of the Rights Issue will be announced by the CEC Board during September 2013…
By Order of the Board
Julia C Z Chaila (Mrs.)
Company Secretary
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