Mozambique: REVIMO posts 2021 results, 7% below projections

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Mozambique: REVIMO posts 2021 results, 7% below projections

3:15 CAT | 18 Aug 2022

File photo: TVM

The company Rede Viária de Moçambique (REVIMO) recorded operating results below expectations in 2021, its second year of operations. Profits of 125.9 million meticais were 7% below the projected value of 134.7 million, the company having recorded profits of 107 million meticais in 2020.

“The unfavourable deviation in operating income was due to the low contribution of tolls on Estrada Nacional Number Six (N6), in Class 4 revenue, impacted by Covid-19, which caused a reduction in the availability and flow of goods to and from the Port of Beira,” REVIMO’s Annual Report for 2021 reveals.

During the year under review, REVIMO registered a total traffic volume of 6.2 million vehicles, above forecast for all tolls except Dondo and Chimoio. Maputo-Katembe stood out, having registered 1.6 million vehicles, a growth of 19.8% compared to 2020.

The report numbers among contributors to this result the increase in domestic tourism, driven by high temperatures, the Bela Vista cement factory, and the intermittent operation of the Ponta do Ouro border, intensifying migratory movement.

“Compared with 2020, global traffic increased by 13.7% at all tolls, an increase that was due to the reduction of restrictions on Covid-19 and the increase in the circulation of trucks from the Bela Vista factory in Mudissa and Katembe,” the document adds.

With regard to investments, REVIMO has one investment portfolio concluded, and another at around 8.3 billion meticais underway. Main investments include the construction of the Tchumene junction, electronic collection systems, the requalification of roundabouts and repainting on the Maputo ring road and the first phase of coastal protection works on Avenida Marginal.

The plan also includes “the rehabilitation of the Macia – Praia do Bilene, Macia – Chókwé and Chókwé – Macarretane roads and the construction of four tolls, and the construction of the Marracuene – Macaneta road and the Macaneta toll. Also the installation of public lighting on the Maputo Ring Road and the N6, the emergency repair work on the N6: Beira – Machipanda (Km 220, Baixa do Púngue), and the completion of the construction on the sections of the N6, including the post-Cyclone Idai repair works”.

As for its 2021 balance sheet, the REVIMO report indicates total assets of nine billion meticais against 6.8 billion meticais in 2020.

Non-current liabilities amounted to 7.5 billion meticais in 2021, against 5.5 billion meticais in 2020. Current liabilities stood at 704.5 million meticais, against 557 million meticais recorded in 2020.

REVIMO is a Mozambican limited company under private law, with head offices in Maputo, whose main objective is the construction, conservation and operation, under a toll system, of roads and bridges and their related infrastructure, built or in prospect.

Source: Diário Económico