(3 minutes read)
· The public company Mozambique Ports and Railways (CFM) will give one billion meticais [US$15.7 million] to the government as dividend
· The sector company generated net income of more than 5.2 billion meticais in the 2020 economic and financial year, despite the negative impact of Covid-19
· The company has gained from the resumption of the management of the Port of Nacala, from January 2020.
The public company Mozambique Ports and Railways (CFM) will give one billion meticais [US$15.7 million] to the government as dividend.
The sector company generated net income of more than 5.2 billion meticais in the 2020 economic and financial year, despite the negative impact of Covid-19. The company has gained from the resumption of the management of the Port of Nacala, from January 2020. The positive performance of the Port of Beira oil terminal in the handling of fuel in transit to Southern Africa’s hinterland countries also helped CFM to stay in the profit zone.
The company has apportioned the head in which it would spend in the current year from the revenue generated in 2020. Around 10% (522 million meticais) would be reserved for the social fund. Another 67% (3.5 billion meticais) will be set apart for investments in compliance with the objectives of its 2018-2020 Strategic Plan. Approximately US$202.1 million (about 15 billion meticais) were spent on increasing rail traffic and on increasing efficiency in the handling of goods at the terminals under the company’s management during 2018-2020.
The CFM also acquired rolling stocks to enhance its haulage capacity. It has acquired ten locomotives and 390 wagons, port equipment (two tugboats, one boat, two tractors), as well as the maintenance of rail and port infrastructure like dredging the Port of Beira access channel, improving the railway signaling system, rehabilitating bridges and railway stations, among others.
