CEC RECORDS K4.4 BILLION ANNUAL REVENUE
COPPERBELT Energy Corporation (CEC) has recorded an increase in revenue from K3.7 billion in 2017 to K4. 4 billion, company secretary Julia Chaila has said.
Ms Chaila said the company posted positive results mainly on account of increased energy consumption in Zambia.
The company also recorded a profit after ta of million in 201 compared to million in 2017 and this represented an increase of 27.2 percent in wacha and 1 . percent in
he firm, s Chaila said, would ensure that shareholders continue to earn a return through dividend and sustained share price growth.
Ms Chaila said the revenue increased by percent in nited tate dollar s terms and 1 percent in ambian wacha.
he said this was mainly because of increased energy consumption in ambia, consistent power supply to the Democratic Republic of Congo market and depreciation of the kwacha against the dollar.
Ms Chaila said the company recorded a profit after ta of million in 201 compared to million in 201 and this represented an increase of 27.2 percent in wacha and 1 . percent in dollar.
ncluded in the financial results is an e ceptional item, being the gain on disposal of shares in CEC Liquid Telecom amounting to 11 . million D11.1 million s Chaila said.Ms Chaila said there was an improvement in collections and general working capital management as evidenced by the improvement in cash from operations by 13 percent from 03 million to million.
Ms Chaila said the current assets figure includes a receivable of 3 3. million D30. million being the deferred payment for the CEC Liquid Telecom transaction.
Ms Chaila said the average wacha to dollar e change rate year was 10. 201 . , while the closing e change rate was 11. 3 201 .
During the year under review, she said, the company paid a dividend of 2 2 million D 2 million compared to 1 million D 21 million in 201 .
“The performance of the company s power supply network throughout the year was satisfactory, meeting all set benchmarks by which we measure performance.
“The good rainfall during the 201 1 season resulted in sufficient energy in the country s main dams at ariba and te hi to sustain the company s requirements for most of 201 without import support, s Chaila reported