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The Copperbelt Energy Corporation (CEC) has announced its performance for the first half of 2023.
The unaudited results released on Monday indicate that revenue for the period under review was US$186.6 million, up from US$183.5 million, registering a two percent growth.
Company Chief Executive Officer, Owen Silavwe, said profit for the period was US$113.0 million representing a 277 percent increase over the US$30.0 million profit after tax reported in the prior period.
The company’s performance for the period, he said, was against a backdrop of its strong focus on a growth strategy over the next five years, addressing and conclusively resolving all historic risks.
This, he said, was coupled with pursuing identified key initiatives aimed at driving customer demand growth across our markets.
Read more: CEC shares make massive gains to list as leading stock on local bourse, LuSE
“The results were positively impacted by the settlement agreement reached between CEC and Konkola Copper Mines (KCM) which saw the immediate writeback through the income statement of US$171.6 million, being a portion of the KCM debt previously impaired.
“2023 being the first year over this planning horizon, the half year results we have announced reflect the strength and resilience of our business, delivering on our expectations for profitability and other financial metrics,” Silavwe said.
He added that demand for power overall remained strong, mostly on account of the power trading and transmission services business segments which continued to demonstrate resilience and strong growth.
He, however, said the supply business in Zambia was currently reflecting suppressed demand due to interim softening in Zambia’s copper output while newly connected mines were yet to ramp up demand to full capacity in line with forecasts.
In part, Mr Silavwe said, low power demand was on account of yet to be resolved sector matters impacting operations at Mopani Copper Mines and KCM.
“Total energy demanded across our customer categories was 3,140 gigawattes, covering all business segments including mine supply, domestic and international wheeling, transmission use of system and power trading,” Silavwe said.
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