Hidroeléctrica de Cahora Bassa (HCB), one of southern Africa’s main energy suppliers, reported a remarkable financial performance in the first half of 2024, with net profits reaching 8.9 billion meticais. This figure represents an impressive growth of 56.7% compared to the same period in 2023, according to the financial report consulted by Diário Económico on Wednesday, August 14.
According to the report, the strong financial performance puts HCB in an advantageous position to achieve its annual targets. The company expects net profits to reach 13.8 billion meticais by the end of the year, in line with its budget projections.
The improvement in HCB’s financial results is even more significant when you consider the 1837.3% increase in financial results, which went from 77.6 million meticais in the first half of 2023 to 1.5 billion meticais in the same period this year. This substantial increase is mainly attributable to income from financial investments and the appreciation of the South African rand against the metical.
In addition, HCB’s income totaled 19.4 billion meticais, marking an increase of 37.3% compared to the first half of 2023. This growth is largely driven by the tariff adjustments implemented at the end of 2023 and beginning of 2024, as well as the company’s ongoing transformation project. The increase in the concession fee, resulting from the increase in sales, also had a positive impact on results.
HCB’s operating costs amounted to 6.6 billion meticais, an increase of 19.7% on the same period last year. However, even with the increase in costs, operating profits, excluding expenses, reached 12.8 billion meticais, representing growth of 48.7%.
The report highlights that HCB continues to consolidate its position as an essential pillar in the energy sector in Southern Africa, playing a crucial role in the supply of energy and economic development in the region. With this robust performance, HCB reinforces its ability to continue contributing to the sustainable economic growth of Mozambique and the region in general.
