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EDM More Than Doubles Profit in One Year to 5.2B Meticals

EDM More Than Doubles Profit in One Year to 5.2B Meticals

Electricidade de Moçambique’s (EDM) profit more than doubled in 2022, to 5.2 billion meticals, compared to the 2.1 billion meticals recorded in the same period of 2021.

According to EDM’s accounts report, to which Lusa had access this Friday, September 1, this net profit shows a growth of almost 150% last year.

The company, according to the document, “has a share capital of 51.7 billion meticals and closed 2022 with total assets of more than 261.6 billion meticals and liabilities of 138.2 billion meticais”.

As a result, EDM’s turnover in 2022 was 46.8 billion meticais, which shows a growth of 10% in the space of a year.

The document adds that the number of EDM’s customers grew by 14% in 2022, compared to the previous year, to 2.9 million, also advancing the “expansion of the network and the intensification of new connections”, which allowed 356,640 more families “to benefit from electricity, exceeding the target set in the business plan by 11.5%”.

“The population’s Domestic Access Rate to the electricity grid increased by four percentage points in 2022, to 43%,” the report says, noting that of the country’s 416 administrative posts, 318 are connected to the National Electricity Grid, which represents a coverage rate of 76% across the country.

The Mozambican electricity company ended 2022 with 3,864 permanent employees and the management admits that it is resorting to “subcontracting to make up for the staff shortfall”, in order to “meet” the increase in demand “and comply with the annual target of connecting 320,000 new customers to the National Electricity Grid”.

At the end of last year, EDM operated a 22,992-kilometer medium-voltage distribution network and a 6,355-kilometer transmission network with 15,906 towers.


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