CEC Chairman: Hanson Sindowe

Financial Highlights
  • The Group made positive strides in most respects as it continues to focus on stabilizing its operations in Nigeria and growing its Zambian operations.
  • Revenue for the Group has increased by 49% in Zambian Kwacha (ZMW) terms compared to the year 2014. This is mainly due to the results being translated from United States Dollars (USD) to ZMW where the depreciation of the Kwacha positively impacted on the results. In USD terms, revenue increased by 6%.
  • The Group has recorded a net loss of ZMW1.902 million compared to a loss of ZMW1.009 million last year. The Group loss is attributed to high Aggregate Technical Commercial and Collection (ATC&C) losses at Abuja Electricity Distribution Plc (AED Plc) in Nigeria as well as a one-time impairment loss on Property, Plant and Equipment.
  • CEC Plc entity revenues increased 33% from ZMW1,797m to ZMW2,685m and the Company’s gross profit, at ZMW746 million, increased 37% compared to prior year. The increase is attributed to the depreciation in the Kwacha. The Zambian business also increased its supplies of power to customers in the Democratic Republic of Congo (DRC), which positively impacted on the results.
  • The business plan of AED Plc provides for a five-year turnaround period and, so far, management is broadly on track to meet the various performance targets. Additionally, the business improved its billing efficiency during the year, which led to a steady increase in energy billed.

FY 2015 financial results

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