- The recently published Audited Results for the Financial Year Ended 31 December 2021, saw profitability of Copperbelt Energy Corporation Zambia shoot up to US$51.2 million from the US$ 5.6 million recorded in 2020.
According to the Managing Director Owen Silavwe, Copperbelt Energy Corporation, Zambia has delivered strong operational and financial performance in 2021 weathering legislative and regulatory threats over the last three years.
The recently published Audited Results for the Financial Year Ended 31 December 2021, saw its profitability shoot up to US$51.2 million from the US$ 5.6 million recorded in 2020.
Company benefited from the change in tax rate from 35% to 30% on deferred liability which impacted the deferred tax charge for the year. Mr. Silavwe said that the general improvement in collections had a positive impact on the liquidity position, leading to an adjusted cash flow from operations of US$ 75.5 million in 2020 to US$ 71.4 million and an adjusted cash balance of US$ 92.6 million in 2020 to US$ 83.0 million.
Prudent working capital management and the restricted cash position helped the year-end balance. It was also reported that the company paid an interim dividend of US$ 37.4 million to its shareholders in 2020 and US$ 34.1 million in 2021. Over the last five years, CEC has distributed about US$ 149.5 million to its shareholders and about US$ 234.0 million in taxes to the national treasury.
The company hopes to sustain the business performance and growth due to the favourable factors such as rising copper prices, expected demand growth across all business segments, the integration of renewables and drive towards clean energy.
Also read;
https://trendsnafrica.com/zambia-to-step-up-copper-mining/
https://trendsnafrica.com/zambia-to-step-up-copper-mining/
