CEC | Release of 2015 annual report
The Directors of Copperbelt Energy Corporation PLC (“CEC”) are pleased to announce the release of the annual report for the year ended 31 December 2015. Below is an extract from the Chairman’s Statement.
The Group, in 2015, had to tread some difficult waters as the local and international economic storm clouds tested the resilience of the business and its ability to identify and ride on those opportunities that shore up overall performance while deftly scaling the challenges for a positive turnaround. I am pleased to report that 2015 delivered commendable performance for the Zambian operations, relative to the operating environment; while we made operational and regulatory improvements in Nigeria.
Group Health, Safety, Environment and Social (HSES) performance
Maintaining high standards of safety, health and environmental management is a flag the Group does not wish to let down but keep flying high not only for the good of the business but also for the benefit of the customers we serve and the communities we operate in.
I am, thus, pleased to report that our HSES performance in 2015 bettered that of 2014 across the Group as indicated by an impeccable 5.57 million hours (2014: 4.74 million) without a system lost time accident and a 62.5% reduction in road traffic accidents at CEC Plc, reduced fatalities at Abuja Electricity Distribution Plc (AED Plc) in Nigeria and a positive result in other key safety indicators such as near-miss reporting, which tremendously rose from 17 in 2014 – the year in which reporting the concept was introduced – to 2,995 in the period under review; while delivery of toolbox safety talks, also introduced the previous year, steadily increased throughout the year across all AED Plc area offices. At North South Power Company Limited (NSP), CEC Liquid Telecommunication Limited and Hai Telecommunications, the good HSES performance recorded in 2014 was generally maintained…
Group Operational and Financial Performance
The business operates within an environment that is affected by broader happenings and most telling in 2015 at a global scale was the slowed economic performance of Asian economies, most significantly China, which is a huge trading partner of most African economies. This was combined with falling currencies and depressed commodity prices, notably of oil and copper, which two are important for our business within the context of our operations in Nigeria and Zambia respectively…
We are sure that some of the challenges experienced in 2015, such as the energy situation in Zambia, will linger for a while still but we have every confidence that CEC Plc will continue to be robust in 2016 and beyond. With a safe and reliable network; innovative solutions to the challenges faced; a management team focused on increasing and delivering value; as well as a dedicated and knowledgeable workforce, I have no doubt that the Company’s operational and financial performance can only get stronger as projects in the works conclude and start contributing to the bottom line. Identifying and seizing opportunities will continue to be a stand-out factor for business growth going forward…
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Copperbelt Energy Corporation Plc (CEC.zm)Share price: 3.81 Kwacha ▲ (0.02 | 0.53% – 24/03/23)
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