Mozambique’s state-owned Ports and Railways (CFM) is expected to post a positive operating result of 3.5 billion meticals (US$57 million) this year, an increase of 11% over the profit achieved in 2016, the company’s chairman announced at a meeting in Maputo.
Miguel Matabel, who was speaking at the opening of the Company’s Budget Estimation and Approval Meeting for the 2018 tax year, said that the company’s financial and global results are expected to grow at the same level.
Cited by Mozambican daily newspaper Notícias, the chairman of the state company noted the warnings issued by both the Bank of Mozambique and the Ministry of Economy and Finance regarding the difficulties that the country may face in 2018.
“CFM is not an isolated island in the country so it is necessary to ensure strict budgetary discipline so that we can execute the plan that is outlined for next year,” said Matabel.
The CFM Budget Appraisal and Approval Meeting is held annually, bringing together the company’s senior managers.