By SANFRONSSA MANYINDATHE Copperbelt Energy Corporation (CEC) suffered a reduction of 54 percent in profit in 2019 due to the US$153.1 million debt payment default by Konkola Copper Mine (KCM).CEC chairman, London Mwafulilwa, said the default had the most telling effect on the financial performance of the company.“Of the many hurdles the business experienced, the KCM payment default, by far, had the most telling effect on the financial performance; leading to a reduction of 54 percent in profitability over 2019,” Mr Mwafulilwa said.This is contained in the CEC 2020 annual report.Mr Mwafulilwa however said CEC would pursue growth at home and in other geographies to boost the growth strategy and was able to return US$34.1 million to its shareholders in dividend distribution.He said the upward trend in growth in the Democratic Republic of Congo (DRC) market was maintained despite suffering artificial transmission path constraints.Mr Mwafulilwa said reinforced marketing and stakeholder relationship management activities being stirred […]
COPPERBELT ENERGY CORPORATION EARNINGS DROP
