Mozambique’s state revenue from dividends fell 60% in the first six months of 2026 compared with the same period of the previous year, dropping to just over 2 billion meticais (€26.8 million), according to data cited by Lusa.
The figure is included in the government’s patrimonial receipts, which cover equity participations, dividends, and property income, as detailed in the Ministry of Finance’s first-half budget execution report. In the first half of 2025, these receipts had already recorded a decline of 36.2%, totalling 5.1 billion meticais (€67.8 million).
Among the companies contributing to state dividend income, Hidroeléctrica de Cahora Bassa (HCB) — located in central Mozambique and one of Africa’s largest hydroelectric dams — remained the primary source of dividend payments to the state during the period.
HCB accounted for 85.9% of total dividends received by the state in the first half of 2026, equivalent to 1.7 billion meticais (€23 million). Even so, that figure represents a decline of 61.7% compared with the amount received in the same period of 2025.
The contraction in dividend income was also reflected in its share of overall state revenue. The contribution of dividends to total state receipts fell from 3% in the first half of 2025 to 1.1% in the same period of 2026.
The latest decline follows a 36.7% fall in state dividend revenue recorded across the full year of 2025, when total receipts from this source amounted to 8.1 billion meticais (€108 million). In that year, according to budget execution data covering January to December, HCB guaranteed 68% of all dividends collected by the state.
The downward trajectory was already visible compared with 2024, when dividends paid by state-linked companies represented 3.7% of total state revenue, amounting to nearly 12.9 billion meticais (€170.6 million). By 2025, that share had fallen to 2.3%.
With the further decline recorded in the first half of 2026, dividends now represent an even smaller portion of state receipts, extending a sustained erosion of their contribution to public revenue that has been under way since 2024.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/29/economia/financas/receitas-do-estado-provenientes-de-dividendos-cairam-60-em-seis-meses/
