Mozambique: REVIMO revenue up 24.6% in 2023 to €32.7 million

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Mozambique: REVIMO revenue up 24.6% in 2023 to €32.7 million

2:14 CAT | 28 Aug 2024

FILE - For illustration purposes only. Aerial view of the Maputo Ring Road. [File photo: TVM]

The revenues of Mozambique Road Network (Revimo), which is responsible for the construction, maintenance and operation of several national roads, grew 24.6% in 2023, to €32.7 million, according to a report and accounts report consulted today by Lusa.

According to the document, Revimo ended 2023 with revenues of 2.341 billion meticais (€32.7 million), having increased profits by 9.8% to 158 billion meticais (€2.2 million) last year.

“In 2023 we will once again establish new levels of traffic volume and increasingly improve the quality of our services,” the management message in the document reads.

According to the document, Revimo closed 2023 with 616 employees, an increase of around 9.6% compared to 2022, and has a share capital of 660,000,000 meticais (€9.2 million), in a shareholder structure led by the Road Fund (70%), the Bank of Mozambique Pension Fund [Kuhanha] (15%), and the same percentage with the National Institute of Social Security (INSS).

Of the total 158 billion meticais in profits in 2023, the administration proposed the application of 7.9 million meticais (€110,000), corresponding to 5% of the total, in legal reserves, 63.2 million meticais (€885,000) in dividends for shareholders, corresponding to 40%, and 86.9 million meticais (€1.2 million) to reinforce retained earnings, equivalent to 55%.

Revimo, which ended the year managing 675.1 kilometres of roads in five provinces of Mozambique, with 16 tolls (33% more than last year), recorded an 11.3% growth in average daily traffic, which rose to 53,494 vehicles.

The concessions granted by the state to Revimo include the N6 Beira-Machipanda road, with a length of 287 kilometres (km), the Maputo Ring Road, with 71.4 km, including the R804 Marracuene – Macaneta road, a length of 12 km, and the Maputo KaTembe Bridge and its connecting roads (187 km).

The Mozambican government, the report recalls, approved in 2021 the integration of the R453 Macia-Praia de Bilene roads, which are 32 km long, the N101 Macia-Chokwé, which is 60.7 km long, and the R448 Chokwé-Macarretane, which is 25 km long.

In the report, Revimo indicates as a “priority” for 2024 the completion of the construction of the new bridge over the Metuchira River on the N6 road in Manica province, and its “continued commitment to preserving the infrastructure”.

The document indicates that, overall, vehicle traffic increased in 2023 to 19,525,430, an increase of around 11.3% on the same period of the previous year, with one of the causes being the intensification of migratory movement on the Ponta do Ouro border and on the Maputo Ring Road.

“Increased urban traffic in the KaTembe municipal district, in the country’s capital, as a result of the reduction in Class 1 and 2 toll rates that came into effect in August 2022, increased demand for tourist resorts in Macaneta and Praia do Bilene as a result of the entry into operation of new roads recently rehabilitated by Revimo,” it adds.

The report also highlights that Revimo recorded 1,229 accidents on the roads under its management in 2023, having suffered damages estimated at 6,686,954 meticais (95 thousand euros), of which 63.5% was recovered as a result of proceedings with offenders, insurance companies and/or courts.

Source: Lusa