Shareholders of Copperbelt Energy Corporation may receive 171% earnings per share for Dec 2023

Copperbelt Energy Corporation (CEC) PLC has announced to its shareholders that Earnings Per Share for December 2023 is likely to be approximately 171 percent.

This is better than that for the previous year, according to the order of the Board signed by Company Secretary, Julia Chaila, on the CEC Trading Statement for the year ended December 31, 2023 issued on Friday.

Chaila outlined factors that drove the significant improvement in Earnings Per Share, among the impact of the Debt Settlement Agreement signed between CEC and Konkola Copper Mines (KCM).

“The implication of the Settlement Agreement on the Group was the immediate reversal in part of the previously impaired KCM receivable of US$172 million,” she said.

She also cited the impairment of the investment in the Kabompo Hydropower project to an extent of US$35.4 million as another factor driving the development.

“Shareholders are advised that the information in this trading statement has not been reviewed or reported on by the company’s external auditors.

“The Group expects its results for the year ended 31st December 2023 to be released on SENS and published in the local media on or about March 4, 2024.

“Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results,” Chaila said.

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