CECA | 2018 Abridged financial results

April 15, 2019|

SUMMARY RESULTS FOR THE YEAR ENDED 31 December 2018

In compliance with the requirements of the Securities Act and the Listing Rules of the Lusaka Stock Exchange, CEC Africa Investments Limited announces its audited results for the Year ended 31 December 2018.

Performance of the Group has been tempered by challenges faced in Nigeria where the operating companies are domiciled.

These challenges included:

  • Non-cost reflective tariffs perpetuated by the failure of the regulator to adjust tariffs to account for movements in pre-agreed economic and sector indicators;
  • Mismatch between cost of energy increases and allowable tariffs by distribution companies resulting in a reduction of profit for distribution companies;
  • Only partial implementation of the Power Sector Recovery Program during 2018 affected by focus on the parliamentary and presidential elections in February 2019; and
  • Non-payment of electricity bills by government agencies, a significant component of the Abuja Electricity Distribution Company Plc (AEDC) customer profile.

Dividends proposed and paid
During the period under review, the Company did not declare nor pay any dividend.

By Order of the Board
Clara K Mvula
Head – Corporate Services

[email protected]
www.cecafrica.com

Issued in Lusaka, Zambia on Friday, 12th April 2019

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | [email protected]
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on Friday 12th April 2019


Related download
CECA | FY2018 Financial results

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Latest news and corporate announcements from CEC Africa Investments Limited (CECA.zm).

CEC Africa Investments Limited (CECA) was established in early 2013 as a pan-African company with a mandate to develop, finance and operate power projects across Sub-Saharan Africa. Sponsored by one of Africa’s most successful private utilities (CEC Plc from Zambia), CECA was set up to leverage indigenous talent in the power sector and bring about the necessary capital to assist in building Africa’s energy platform. CECA was incorporated under a Category 1 Global Business License company in Mauritius.

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