CEC 24th AGM 2022 – Management Presentation

Management Presentation on Operations and Finance at the 24th Annual General Meeting of the shareholders of Copperbelt Energy Corporation

May 10, 2022

Share This Video Story!

CEC 24th AGM 2022 – Management Presentation

Copperbelt Energy reports significant financial improvement in 2021 despite challenges

Mutale Mukuka, Chief Financial Officer of Copperbelt Energy Plc, presented the company’s financial performance for 2021 at the 24th Annual General Meeting on 27 April 2022. Despite facing a lack of agreement with ZESCO, several litigations, and the KCM payment default, Copperbelt Energy Plc showed a material improvement in EBITDA by over 194%, from USD32 million to USD94 million. Profit after tax also improved significantly by over 750%, from USD6 million to USD51 million.

In terms of liquidity, the company was able to generate USD62 million, up 7% from USD58 million in the previous year, and aimed to de-risk the business by reducing debt and improving its cash balance. Copperbelt Energy Plc returned USc2.3 per share to its shareholders through a dividend payment.

Mukuka emphasized the company’s efforts to reduce costs sustainably, with total costs decreasing from close to USD40 million in 2017 to around USD30 million in 2020. She also highlighted the company’s contribution to its stakeholders, with local suppliers receiving the bulk of the value generated.

Looking ahead, Copperbelt Energy Plc will focus on addressing key risks, including the unavailability of key contracts, a power blockage in its sister company’s transmission network, and unlocking the money owed by KCM, which amounts to USD170 million.

Overall, despite facing challenges in 2021, Copperbelt Energy Plc was able to deliver significant financial improvement, demonstrating its resilience and commitment to its stakeholders.

Recommended for you