MCL reported total revenue of ZMW2,486.60 million (US$ 222.10 million) for the financial year ended 31 March 2019 [(2018: ZMW1,172.00 (US$122.73 million)] and had profit after tax of
ZMW554.21 million (US$49.50 million) [(2018: ZMW148.87 million (US$15.59 million). The increase in revenue was due to increased demand for high grade coal from customers and steady production from the thermal power plant, while profit was driven by increased revenue and a deferred tax liability.
During the period under review, Maamba experienced liquidity challenges as a result of late receipt of payments from off takers. Efforts were made to restructure the payments of
outstanding receivables indicating commitment from both parties to rectify the situation. Management of Maamba were committed to cost efficiency measures and remains positive as the company looks forward to the restructuring of tariffs that would remedy systemic mismatches in the sector.
There were no dividends declared during the year under review (2018: Nil).