There were 2 Stock Exchange News Services (SENS) announcements in week 34 on the LuSE from of British American Tobacco (Zambia) Plc (BATZ) and Copperbelt Energy Corporation PLC (CEC) .
BATZ: NOTICE CHANGE IN DIRECTORATE
In accordance with Section 3.59 of the Lusaka Securities Exchange Listings Requirements (“LuSE Listings Requirements”), the Board of Directors of British American Tobacco (Zambia) Plc (“the Company” or “BATZ”) (the “Board”) wishes to announce the resignation of Mr. Vincent Kaloki as Finance Director as well as Director of the Board effective 01 September 2022.
CEC: UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2022
Total revenue for the 6-month period to 30 June 2022 was USD182.3 million, 12% above the comparative period last year and primarily driven by growth in our regional power supplies which grew by more than 28%, anchored on increase in volume sales of 22% and robust power sourcing arrangements.
The profit for the period was USD30.2 million, which represents growth of 18% from USD25.3 million in 2021. Despite the period under review recording a higher profit, there was a 201% increase in the impairment of receivables to USD9.6 million from USD3.2 million, computed in accordance with International Financial Reporting Standard 9. The Kwacha appreciated against the major currencies and specifically by about 21% against the US dollar when compared to 2021.
The consequence of the strong Kwacha was an effective increase of Kwacha denominated costs by 20% from USD17.2 million to USD20.6 million. The other costs continue to be contained through continuous cost-management initiatives.
Headline earnings for the 6-month period increased by 12% with earnings per share growing from USD0.016 per share to USD0.019 per share.
There was an improvement in cash generation from operations to USD38.4 million (2021: USD33.0 million) and a cash balance of USD103.0 million (2021: USD105.9 million).
The Company dividend policy provides for a pay-out of a minimum of 50% of the earnings, subject to the availability of cash, and reserves and having provided sufficiently for sufficient working capital and any other obligations.
Similar to the financial year 2021 no dividend was declared and paid during the period under review. However, the Company remains committed and will continue to deliver a consistent and reliable dividend to its shareholders on an annual basis.