Copperbelt Energy Corporation Reports 171% Profit Growth to US$137.6 Million in 2023
Copperbelt Energy Corporation (#CEC) has recorded an increase in profit by 171 percent, from US$50.8 million in 2022 to US$137.6 million in 2023.
According to CEC’s latest financial report signed by company secretary Julia Chaila, the energy firm also recorded an increase in revenue from US$374.4 million in 2022 to US$382.3 million in 2023, representing a two percent increase.
Ms Chaila stated that the increase in revenue was underpinned by local and regional power sales that increased by five percent and two percent respectively.
“The increase in earnings is as a result of the net impact (US$136.2 million) of the one-off debt write-back and the impairment of the Kabompo costs,” she said.
However, CEC’s wheeling revenues decreased by eight percent, driven by the discount that was part of the negotiations that gave rise to the debt settlement agreement.
Ms Chaila said the company’s balance sheet has been restored to its historical levels. CEC spent US$45.4 million during the year under review in prioritised projects such as the renewable solar projects, transmission assets and in modernising its infrastructure.
As part of the sustainable financing for its projects, a green bond of US$53.5 million was issued and listed on the Lusaka Securities Exchange.
Ms Chaila said the company had a cash balance of US$108.9 million at the end of 2023, compared to US$83.3 million in 2022.
The company declared and paid a dividend of US$55.2 million in 2023, compared to US$50.4 million in 2022.
SOURCE:Zambia Daily Mail
