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Copperbelt Energy Corporation Plc 2017-06-29T11:46:28+00:00

The Copperbelt Energy Corporation Plc (CEC), a member of SAPP and listed on the Lusaka Stock Exchange, is an independent power transmission and quality electricity distribution company with interests in Zambia and sub-Saharan Africa, including optic fibre based telecommunications. As a developer of energy infrastructure in Africa, CEC is respected in the region for its skills in designing and operating transmission systems and its status as an emerging independent power generating company.

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Fundamentals

The CEC Businesses

Corporate Enquiries

1st Floor Abacus Square, Stand No. 2374/B
Thabo Mbeki Road, Lusaka, Zambia
Phone: +260 212 244956
info@cec-head-office.com
www.cecinvestor.com

Operations Enquiries

23rd Avenue, P O Box 20819
Nkana East, Kitwe, Zambia
Phone: +260 212 244556
info@cec-head-office.com
www.cecinvestor.com

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Recent Conference Call

Extract from 2016 annual report

The operating environment did not fundamentally differ from 2015 in that the market was undersupplied on the generation side and the prices of commodities on the global markets, particularly copper, were sluggish. Shareholders will recall that during the last review period, our supplier, ZESCO, could only meet 70% of our requirements owing to a generation deficit that hit the country mid-year. In turn, the Company could only supply 70% of its customers’ needs from Zambian sources. That our business has a direct link with copper mining means that what impacts our customers affects us directly. Hence, mines’ power demand registered a fall of 15% in 2016 compared to the previous year. Energy sales at 3,521GWh (2015: 4,092GWh) were lower than in the prior period as were capacity sales of 453MW (2015: 532MW). While the inadequate power supply was covered by our ability to source supplementary power from the region, low copper prices meant that our customers somewhat operated with caution , leading some of them to put a lid on some aspects of their operations and planned expansions.

Our response to these challenges speaks to the innovative spirit of the business and its resilience, exhibited over the years, to come through difficult episodes with a positive outcome. The dent on our financial performance that should be the inevitable result of such a drop in demand was made up for by our continued impressive performance in power trading.

On the telecoms side, CEC Liquid Telecom continues to make positive strides, growing its revenue by 17% over the previous period. Bringing to the market new products and services that are appreciated by the consumers is what will help it keep its competitive edge. I’m pleased to report that during the review period, CEC Liquid Telecom extended its national long haul fibre from Livingstone to Kazungula and Katima Mulilo, allowing for direct access to Botswana, Namibia and the sea cables; thereby increasing data availability, capacity and speeds in the country. CEC Liquid Telecom also rolled out 4G LTE infrastructure with faster connectivity speeds for more rewarding user experiences and launched Lite Speed, a high speed wireless internet network service. At year end, CEC Liquid Telecom had grown its fibre footprint alongside inner town roads and highways to 5,000km.

Download 2016 Annual Report

Extract from 2015 annual report

The CEC Group continued to focus on stabilising the operations in Nigeria and growing its Zambian operations. Turnover increased from K1 539 million (US$277.9 million)for the year ended 31 March 2014 to K4, 339.9 million (US$667.2 million) for the year ended 31 March 2015. The increase in revenue was mostly as a result of the full-year Abuja Electricity Distribution Company (AEDC) revenues, which were consolidated in the Group whereas figures for the previous year only included two months’ financial results for AEDC. The net loss for the period under review was K1, 283.1 million (US$197.3 million) (2014: K146 million (US$26.4 million)).

Total energy sales to the mines was 2% lower at 4,208GWh (2013: 4,274GWh) due to lower energy consumption by some of the mines that operated at lower than anticipated production capacities.

The business plan of AEDC provided for a five year turnaround period and as at year end management was on track to meet the various performance targets, including reduction of the Aggregate Technical Commercial and Collection (ATC&C) losses. Additionally, the business improved its billing efficiency over the period resulting in steady increase in energy billed over the review period.

Going forward, the Group will continue on the growth trajectory set for each unit and as a composite and also consolidate the gains recorded in 2014 and forging new opportunities both in Zambia and internationally in order to ensure a sustained pipeline of projects and viable operating assets.

The CEC share price on the LuSE moved from K 0.70 as at end of March 2014 to K 0.68 at end of March 2015, representing capital losses of 2.9% year-on-year.

During the period under review, the Directors of CEC Plc recommended a dividend of US Cents 0.86 per ordinary share on 27th January 2015 which was paid to shareholders registered in the share register of the Company at close of business on 27th February 2015. The amount payable to ZCCM-IH was K18.0 million (US$2.8 million) (2014: Nil).

Download 2015 Annual Report

Energy & Coal

Significant investment in the power sector through a Company that supplies power to all the major mines in Zambia.