The Cahora Bassa (HCB) hydroelectric scheme will distribute dividends this year of 11 metical cents a share, 73.6% more than distributed in 2020, the company announced on Monday.
“In absolute terms, HCB will pay shareholders a total of more than 2.9 billion meticais [€42.2 million] in dividends, including the more than 17,000 new shareholders that joined the shareholder structure with the placement of 4% of the company’s shares through a Public Offering [IPO], in 2019,” it said.
The announcement was made during a presentation of the state-owned company’s accounts for the last year, approved at a general meeting on Friday.
The company recorded an operating result of 11.83 billion meticais (€170 million) compared to the 9.98 billion meticais (€143 million) in2019, representing a growth in the order of 18.5%, and a net result of 9.82 billion meticais (€141 million), 62% higher than the previous year – in line with the data disclosed by Lusa a fortnight ago.
“These results are extremely encouraging and give us the conviction that we are on the right track in valuing what the country and shareholders expect from us as managers of this strategic and key enterprise for the national and regional energy matrix,” Boavida Muhambe said.
Located on the Zambezi River, in Tete, central Mozambique, the Cahora Bassa dam supplies South Africa and southern Mozambique with an annual production that in 2020 reached 15,350 gigawatt-hours (GWh), 4.7% higher than in 2019.
The company has an ongoing modernisation plan that provides for investments in the dam, generation plant, Songo and Matambo substations, and power transmission lines to increase technical and operational reliability.
According to the latest bulletin, the Mozambican state holds 85% of HCB’s shares, 7.5% belong to the Portuguese national energy grid (REN), and 4% are held by national investors. The remaining 3.5% are held by HCB (treasury shares).