Hidroeléctrica de Cahora Bassa (HCB), one of the largest independent energy producers in the southern African region, recorded a significant increase in its profits in the first half of 2024. According to the financial report, consulted by Diário Económico this Wednesday (14), net profits stood at 8.9 billion meticals, representing growth of 56.7 per cent compared to the same period last year.
The document cites this robust financial performance as putting the company in a favourable position to achieve its annual goals. ‘It is estimated that by the end of the year net profits could reach 13.8 billion meticals, as forecast in the budget.’
‘HCB’s financial results also showed a significant improvement, with a figure of 1.5 billion meticals, an impressive increase of 1837.3 per cent compared to the 77.6 million meticals recorded in the first half of 2023. This increase is due to income from financial investments and the appreciation of the South African rand against the metical,’ reads the report.
The document explains that HCB’s income stood at 19.4 billion meticals, representing an increase of 37.3 per cent compared to the same period last year. ‘This growth is largely attributable to the tariff adjustments implemented in the second half of 2023 and early 2024, as well as the implementation of the transformation project. The increase in the concession fee, due to the increase in sales, also contributed significantly to this growth,’ he adds.
‘It is estimated that by the end of the year net profits could reach 13.8 billion meticals, as forecast in the budget’
The company’s operating expenses totalled 6.6 billion meticals, an increase of 19.7% on the same period last year. However, operating results, which exclude expenses, reached 12.8 billion meticals, representing growth of 48.7 per cent.
The report states that HCB continues to consolidate its position as a key player in the region’s energy sector, making a significant contribution to energy supply and economic development in southern Africa.
Felisberto Ruco (DE)
