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Annual Report Summaries, Investee Companies

Copperbelt Energy Corporation Plc (CEC) Extract from 2021 Annual Report

During the year ended 31 December 2021, CEC reported total revenue of ZMW6.7 billion 

(US$342.52 million), [2020: ZMW6.9 billion (US$370.93 million)] and profit after tax of ZMW1.01 

billion (US$51.25 million), [2020: ZMW104.50 million (US$5.61 million)]. 

The Bulk Supply Agreement between CEC and ZESCO that expired on 31 March 2020 was 

renewed after the year end on 7 April 2022. This delay negatively impacted the business’ margins 

and performance. Nonetheless, CEC proved to be a resilient business and continued to thrive 

and diversify its operations in spite of the challenges faced. 

Further, CEC successfully contested Statutory Instrument (SI) No.57 of 2020 that declared its 

transmission and distribution lines common carrier. This declaration was quashed by the High 

Court but was later replaced by SI No. 24 of 2021. The court did not pronounce itself on the said 

SI, as the new government took the decision to repeal the SI number 24 of 2021, this action has 

fully restored CEC property and commercial rights over its power infrastructure. 

For the year under review, the CEC share price opened at ZMW1.10 per share and closed 

at ZMW1.95. The Company declared and paid a dividend of US$37.375 million with ZCCM-IH 

receiving US$9 million (2020: US$8.2 million). 

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