Government revenue from dividends fell by 36.7% in 2025, totaling approximately $117 million, according to data from the Ministry of Finance.
According to the provisional budget execution report for the period from January to December, 68% of these total dividends were provided by Hidroeléctrica de Cahora Bassa (HCB), which operates one of the largest dams on the African continent in Tete Province, as reported by Lusa.
In the previous year, dividends paid by companies to the state accounted for 3.7% of total revenue, reaching approximately $185 million. In 2025, this share fell to 2.3%, reflecting a significant reduction in this source’s contribution to public finances.
The National Hydrocarbons Company (ENH) ranks as the second-largest contributor, accounting for 12.3% of total dividends, equivalent to $14 million. Next are the Mozambican Hydrocarbons Company and the Mozambican Pipeline Mozambique-Zimbabwe Company (CMPMZ), both with 4.6% each, equivalent to approximately $5 million.
HCB, majority-owned by the Mozambican government and with a 7.5% stake held by Redes Energéticas Nacionais (REN), also led in concessions, with payments of nearly $33 million, representing 48.9% of the total collected by the government under this category in 2025.
Overall, revenue from concessions fell by 22.9% compared to 2024, totaling approximately $56 million.
Following HCB was the concession for the Maputo Port Development Company (MPDC), which generated approximately $9 million, reflecting a 52.5% year-over-year decline.
