Vulcan surpasses Mozal as the largest company in Mozambique – A Verdade

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Vulcan surpasses Mozal as the largest company in Mozambique – A Verdade

4:02 CAT | 12 Jan 2023

Indian miner Vulcan overtook aluminium smelter Mozal as Mozambique’s biggest company in 2021. EDM lost second position, despite a financial injection from the state and cooperation partners. In banking, BCI overtook Millennium Bim, but the biggest rise in the ranking of ‘The Top 100 Companies in Mozambique’ during the year 2021 went to Montepuez Ruby Mining.

In the year in which it acquired the Moatize coal mine and the Nacala Logistics Corridor from the Brazilian company Vale, the Indian company Vulcan Minerals became the largest company in Mozambique, with a turnover of 72.8 billion meticais.

Aluminium smelter Mozal, which for several years headed the list of ‘The Top 100 Companies in Mozambique’ produced annually by the auditor and consultant KPMG, ended up in second position despite the rise in its turnover to 71.9 billion meticais.

State-owned power utility EDM, thanks to a financial injection by its state shareholder and the investments of the cooperation partners in the ‘Energy for All’ project, once again saw its turnover grow in 2021 to 49 .2 billion meticais, but still lost the second position it had occupied the previous year.

In the financial activities and insurance sector, Banco Comercial e de Investimentos (BCI) maintained its recent rise and, with a turnover of 18.9 billion meticais, became the 8th largest company in Mozambique, ahead of Banco Internacional de Moçambique (Millennium BIM).

But the biggest rise was that of Montepuez Ruby Mining, previously not even among the 100 largest companies in Mozambique, but which in 2021 ranked 17th, with a turnover of nine billion meticais.

Meanwhile, Banco Big, Banco Mais, Socremo, Empresa Municipal de Transportes Rodoviários de Maputo and Tecnel fell from the KPMG’s list of the largest companies in Mozambique.

By Adérito Caldeira

Source: A Verdade