Release of 2011 interim 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 un-audited results for the period ended 30th June 2011 (Half Year Results).
Financial highlights:
- Revenue: US$ 108 million
- Profit before interest and tax: US$ 11 million
- Profit attributed to shareholders: US$ 7 million
- Earnings per share: USc 0.72
- Total assets: US$ 290 million
CEC Profile
CEC, a company listed on the Lusaka Stock Exchange, is a 52% subsidiary of Zambian Energy Corporation (Ireland) Limited, which itself is a 60% subsidiary of the ultimate holding company Batoka Energy (Holdings) Limited…
Dividends Proposed and Paid
During the period under review, a dividend of US$4.2 million was proposed and paid, which represented a dividend of $0.42 US Cents per share. This translated to K20.00 per share in Kwacha terms using the Bank of Zambia mid rate on the day of closure of the shareholder register as indicated by the notice of dividend payment.
Review of Operations
During the period under review, all purchases of electrical power were from Zesco Limited under the Bulk Supply Agreement. Electricity supplies from this source accounted for 99.99% of the total requirements and the balance was supplied from the Company’s Gas Turbine Generating plants. A satisfactory security of supply from Zesco was generally maintained…
Future Outlook
In a bid to ensure continued growth of the company, CEC is committed to investing in projects that provide diversification of its traditional business of supplying power to the mines on the Copperbelt…
By Order of the Board
Julia C Z Chaila (Mrs.)
Company Secretary
The full results can be downloaded either from our investor relations website, www.cecinvestor.com, or through the link below.
