CEC Trading Statement for the half year ended 30th June 2023

By Published On: August 24th, 2023Categories: Corporate announcement, Earnings, Trading update

In accordance with Section 3.4(b) of the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of the Copperbelt Energy Corporation Plc (“CEC” or “the Group”) hereby advises shareholders that the Earnings Per Share (“EPS”) for the half year ended 30th June 2023 is likely to be approximately 277% higher than the corresponding period last year.

This is attributed in part to the following:

  • The impact of the debt settlement agreement reached between CEC and Konkola Copper Mines Plc (KCM) whose effect is an immediate reversal in part of the previously impaired KCM debt or receivable of US$172 million.
  • The impairment of the investment in the Kabompo Hydropower project to an extent of US$35.4 million.

Shareholders are advised that the information in this trading statement has not been reviewed or reported on by the company's external auditors.

The results for the half year ended 30 th June 2023 will be released on SENS and published in the local media on or about 25 August 2023. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results.

By order of the Board
Julia C Z Chaila (Mrs)
Company Secretary

Issued in Lusaka, Zambia on 8/24/2023

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