The Mozambique Stock Exchange (BVM) recorded a net profit of approximately 35.3 million meticais (US$552,000) in 2025, compared with 252 million meticais (US$3.9 million) in the previous year. The result represents an 86% decline in profits, in a period marked by a slowdown in operating revenues and financial income.
According to the BVM’s 2025 annual report and accounts, reviewed by Diário Económico, the decline in operating revenues was one of the principal factors behind the deterioration in results. Service sales generated 544.1 million meticais (US$8.5 million) last year, against 632.1 million meticais (US$9.9 million) in 2024, with commissions on equity and bond issuances remaining the exchange’s primary source of revenue.
That revenue line yielded 375.7 million meticais (US$5.9 million) in 2025, down from 466.9 million meticais (US$7.3 million) the year before, reflecting a deceleration in the volume of new issuances and structured transactions in the primary market.
At the same time, operational performance was weighed down by higher personnel costs and increased expenditure on third-party supplies and services. As a result, the operating result swung from a positive balance of 89.2 million meticais (US$1.4 million) in 2024 to a loss of 57.9 million meticais (US$906,000) in 2025.
According to the document, “expenditure on third-party supplies and services amounted to 137.3 million meticais (US$2.1 million) in 2025, against 126 million meticais (US$2 million) in 2024, representing an increase of 11.3 million meticais (US$176,000), equivalent to 8.9%.” The institution attributes this trend directly to “the BVM’s institutional transformation process from a public enterprise to a public limited company.”
Despite the operational deterioration, financial income kept the net result in positive territory. Derived primarily from financial investments, fixed-term deposits, and other instruments, this income totalled 134.2 million meticais (US$2.1 million), compared with 300 million meticais (US$4.7 million) in 2024.
After deducting financial charges of 5.7 million meticais (US$90,000), the net financial result stood at 128.5 million meticais (US$2 million). Income tax fell from 129.2 million meticais (US$2 million) to 35.4 million meticais (US$553,000).
The report further notes that, as of 31 December 2025, the BVM held a creditor position with the Tax Authority of 48.5 million meticais (US$759,000), arising from excess withholding tax deductions and advance payments. Over the same period, share capital increased from 1.5 million to 646.5 million meticais (US$10.1 million), as part of the exchange’s conversion into a public limited company.
Even accounting for the sharp reduction in profits, the BVM maintained what management described as a solid liquidity position. The board stressed that “the high volume of cash and financial investments allows the company to comfortably meet its short-term financial obligations,” with 1.15 billion meticais (US$18 million) held in cash and bank accounts against current liabilities of 67.4 million meticais (US$1.1 million).
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=528289
