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CMH’s Social Investment Reached $4.3M in 2023

CMH’s Social Investment Reached $4.3M in 2023

Companhia Moçambicana de Hidrocarbonetos (CMH), a subsidiary of the state-owned Empresa Nacional de Hidrocarbonetos (ENH), allocated a total of 273.9 million meticals (4.3 million dollars) to social responsibility initiatives throughout the 2023 fiscal year.

According to the report and accounts for the 2022-23 period (from June 2022 to June 2023), consulted this Friday (16) by Diário Económico, ‘the amount allocated represents a reduction of 47.7 per cent in relation to the amount initially budgeted. This reduction was attributed to delays in implementing the Local Development Agreements (LDA)’.

The report explains that the LDAs, tripartite agreements between Sasol, local communities and district governments, aim to align the priorities of the parties involved to promote sustainable socio-economic development in the Pande and Temane regions. ‘The investment made by CMH and its partners covered 37 communities in the districts of Inhassoro and Govuro, and was targeted at areas such as water and sanitation, economic development, electrification, small-scale projects and independent initiatives,’ the document states.

Among the main achievements in 2023 were the rehabilitation of 11 water systems and 74 wells, the construction of six new water systems and three community centres, as well as the training of 420 young people in various professional areas. The report also mentions that CMH conducted feasibility studies for future projects, including the construction of a desalination plant and the expansion of the electricity grid in several communities.

‘The investment made by CMH and its partners covered 37 communities in the districts of Inhassoro and Govuro, and was targeted at areas such as water and sanitation, economic development, electrification, small-scale projects and independent initiatives’

The document emphasises that, ‘despite the challenges faced in implementing the projects, CMH remains committed to supporting the development of the communities in which it operates, contributing to improving living conditions and the country’s sustainable growth’.

In addition, the report reveals that CMH recorded an increase in profit of more than 82 per cent, from 2.3 billion meticals (36.9 million dollars) to 4.2 billion meticals (67 million dollars).

On Wednesday (14), during the 15th edition of the Economic Briefing of the Confederation of Economic Associations of Mozambique (CTA), it was also announced that CMH was the company with the highest appreciation on the Mozambique Stock Exchange (BVM), with a 59 per cent rise in the average price of its shares, which reached 3618 meticals per share in the first half of 2024, with a peak of 4600 meticals (102.0 per cent appreciation).

The Mozambican oil company has a share capital of 5.9 million shares, of which 593,400 are listed on the BVM, valued at more than 1.6 billion meticals (25.2 million dollars).

CMH is 70 per cent owned by Empresa Nacional de Hidrocarbonetos (ENH), 20 per cent by Instituto de Gestão das Participações do Estado (IGEPE) and 10 per cent by individual and collective shareholders.

Felisberto Ruco

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