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
Issued in Lusaka, Zambia on Friday, 12th April 2019
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First Issued on Friday 12th April 2019
CECA | FY2018 Financial results