Release of FY2011 abridged results
In compliance with the requirements of the Securities Act Cap 354 and the Securities [Registration of Securities] Rules, 1993 of the Laws of Zambia and the Listing Rules of the Lusaka Stock Exchange, Copperbelt Energy Corporation PLC announces the audited results for the year ended 31st December 2011.
Below is a brief extract from the results announcement:-
Highlights
- Group turnover increased by 18% and Earnings Per Share increased by 57% compared to the previous financial year.
- Compared to the previous year, load sales volume for the company increased by 2% to 481MW (2011: 470MW).
- The Group operating expenses increased by 10% to US$39.934 million (2010: US$36.319 million) due to an increase in the volume of activity and increased depreciation following the revaluation of assets in October 2010.
Group Profile
Copperbelt Energy Corporation Plc, (“The Company”) has shareholding in two companies, Realtime Technology Alliance Africa – Zambia Limited (‘RTAA’) and CEC Liquid Telecommunication Limited (‘CEC Liquid’), this shareholding now constituting ‘The Group’…
Financial Report
The Consolidated Summarised Financial Statements have been prepared in compliance with International Financial Reporting Standards (IFRSs), and accounting policies are consistent with those applied in the previous periods.
Dividends Paid and Proposed
During the year under review, Dividends of US$4,200,000 and US$8,090,000 were paid on 15th April and 07th October, 2011 respectively by The Company. This translated to K60.00 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. Neither RTAA nor CEC Liquid declared dividends in the year.
Review of Operations
The Company
The operations of the Company’s high voltage transmission and distribution system were maintained to a satisfactory standard during the period under review. A satisfactory security of supply from ZESCO was also maintained throughout the review period.
Outlook
A number of enhancements to CEC’s transmission network on the Copperbelt are being undertaken to supply new mining activities. These include the construction of new infrastructure at Muliashi (near Luanshya), Chambishi and Konkola North for CNMC Luanshya Copper Mines, NFC Africa and Vale / Africa Rainbow Minerals.
By Order of the Board
Julia C Z Chaila (Mrs.)
Company Secretary
To download the FY2011 results announcement please click on the link below.
