Mozambique: HCB to disburse 55% of its profits to shareholders

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Mozambique: HCB to disburse 55% of its profits to shareholders

5:29 CAT | 11 May 2024

File photo: A Verdade

Hidroeléctrica de Cahora Bassa (HCB) will distribute 55% of its profits – valued at 13 billion meticais – to its shareholders. The Mozambican state, HCB’s largest shareholder, will receive 6.3 billion meticais.

HCB recorded profits of around 13 billion meticais in 2023. The company decided at its Ordinary General Meeting to allocate 55% of profits to its shareholders, 35% to investment reserves and 10% to retained earnings

“HCB will pay dividends of around 6.3 billion meticais to the Mozambican state, the majority shareholder, and around 297 million meticais to individuals, companies and national institutions that became part of the Company’s shareholder structure after the public sale held in 2019. The payment of dividends to the Mozambican state will contribute to the implementation of Mozambique’s socio-economic development plans,” the HCB statement reads.

HCB says that the dividends will be paid on May 23rd.

HCB, one of the largest independent energy producers in Southern Africa, in 2023 posted a 12.36% increase in electrical energy production compared to the previous year.

Source: MZNews