CGD to reduce stake in BCI Mozambique from 61.5 to 51%
The Chief Executive Officer of the state-owned Mozambique Ports and Railways company, Miguel Matabele said his firm posted $150 million in revenue in the first six months of this year. He said this represents a considerable increase on 2017, when the company earned $258 million over the entire year.
“CFM’s results showed that with sacrifice, commitment and dedication, a company can be sustainable in the midst of a national and international financial and economic crisis”, the official told a Maputo ceremony on Tuesday, marking the 123rd anniversary of the foundation of the company, which was attended by President Filipe Nyusi.
Matabele added that this increase is one of the signs that the Mozambican economy is growing and CFM had become a model rail and port company in the southern African region.
“CFM has been setting an example as a company raising its production capacity, despite the financial crisis in the country and internationally. CFM could also take pride for its contribution to the state treasury”, Matabele said.
The official boasted that his company success stands in striking contrast to the near collapse of another publicly-owned company, Mozambique Airlines (LAM) whose board of directors were sacked last week for incompetence.
CFM has a stake in all port concessions in Mozambique and local ports are connected by rail and road to inland countries and mining regions.
Malawi, South Africa, Zambia and Zimbabwe all use Mozambican ports for part of their exports and imports.Source: APA