By SANFROSSA MANYINDA
THE Copperbelt Energy Cooperation (CEC) says its revenue reduced to USD163.472 million from USD201.857 million in 2020, signaling a 19% reduction.
CEC Company Secretary Julia Chaila said this was mainly because of the transfer of the Konkola Copper Mines (KCM) load from the supply to the use of system business segment, following the lapse of the power supply agreement in May 2020.
Ms Chaila however noted that there was an increase in revenue from domestic wheeling, up 13% to USD4.806 million on the back of reduced load shedding.
She said regional power sales, up 4% to USD37.769 million on account of customers’ increased power uptake and use of system, which rose 508% to USD21.178 million.
Ms Chaila also said that expected credit losses reduced from USD89.663 million in the first half of 2020 to USD3.189 million, triggered by the segment shift of the KCM demand, as afore stated, positively impacting on the KCM credit exposure.
“The Company progressed its quest for cost containment, which positively impacted its cash costs to hold at USD13.7 million compared to USD13.8 million the previous comparable period.
“Profitability for the period benefitted from the reduction in receivable impairment losses, coming in at USD25.483 million against a loss of USD32.458 million in the prior comparable period,” she said.
Ms Chaila further said that the Cash generation improved, relative to the comparable period last year.
She said Cash generation from operations was USD32.344 million (2020: USD19.234 million) with a cash balance of USD105.886 million (2020: USD89.098 million).
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