Mozambique: CFM profits hit 2.9 billion meticais in 2023

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Mozambique: CFM profits hit 2.9 billion meticais in 2023

1:35 CAT | 23 Jul 2024

File photo: MMO

Public company Ports and Railways of Mozambique (CFM), one of the country’s logistics giants, recorded a net profit of 2.9 billion meticais for the calendar year 2023, against 2.3 billion meticais registered in 2022, a growth of around 26%.

The data appears in the CFM Report and Accounts for the financial year ending December 31, 2023, recently published on the company’s official website.

In the report, CFM chairman Agostinho Langa Júnior attributes the result to the selfless efforts of the company’s entire workforce.

In this context, the Board of Directors hopes that in 2024 “levels of production and results never seen before will be achieved by contemplating not only the recovery plan for cargo not transported during the period in which the bad weather ravaged the country, as well as the full use of recently rehabilitated infrastructures to increase the volume of traffic, with particular focus on the Ressano Garcia and Machipanda lines”.

However, the CFM balance sheet shows that the company’s total liabilities (obligations, including debts) grew 84% from 26.7 billion meticais in 2022 to 49 billion meticais in 2023, mainly influenced by debt contracted for investment financing.

Even so, the company closed 2023 with total assets valued at 96.6 billion meticais, compared to 72 billion meticais recorded in 2022, which represents growth of 34%. CFM’s equity capital stood at 47.4 billion meticais in 2023, having grown 4% compared to the previous year.

Source: Carta de Moçambique