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Mozambique: Cahora Bassa net result grew 57% in 2020

The Cahora Bassa Hydroelectric in Mozambique (HCB) presented a net result of 9,558 million meticais (€129 million) in 2020, 57% higher than that posted the previous year, according to a bulletin released this Friday.

The performance achieved last year results “from the production achieved and from a management based on criteria of rationalisation and efficiency, in addition to an adequate risk management”, new Chairman of the Board of Directors, Boavida Muhambe, explains.

The company also recorded an operating result of 11,835 million meticais (€160 million) against 9,988 million meticais (€135 million) in 2019, representing an increase of around 18.5%.

According to its 2020 accounts, HCB distributed 1,697 million meticais in dividends to shareholders, a distribution “this time extended to the more than 17,000 new shareholders” who joined the shareholder structure after the initial public offering of HCB shares in 2019.

Located on the Zambezi River in Tete province, central Mozambique, the Cahora Bassa dam supplies South Africa and southern Mozambique with electricity. In 2020, production reached 15,350 gigawatt-hours (GWh), 4.7% greater than in 2019.

The company has in place a modernisation plan which foresees investments in the dam, its generation plant, the Songo and Matambo substations and energy transmission lines, aiming at increasing its technical and operational reliability.

According to this latest bulletin, the Mozambican state owns 85% of HCB’s shares, 7.5% belongs to Portuguese National Energy Networks (REN), 4% to national investors, with the remaining 3.5% held by HCB itself.



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