During the financial year ended 31 March 2019 CEC Africa’s revenue was ZMW1.35 billion (US$120.86 million) (2018: ZMW2.07 billion (US$217.17million). The net loss was at ZMW3.35billion (US$298.95 million) (2018: Loss ZMW 3.23billion (US$337.86 million).
CEC Africa associate company, North South Power Company Limited (NSP), contributed a profit of US$8.10 million (2017: US$4.60 million) and declared a dividend of NGN10.00 bn (US$27.00 million) in 2018. However, the Group continues to make a gross loss mainly due to tariff shortfalls in the electricity pricing regime and the increasing cost of energy arising from the Power Purchase Agreements signed between the Nigeria Bulk Electricity Company (NBET) and the generation companies. The cost of purchased energy increased by 19.00% to US$293.00 million between 2017 and 2018. The net loss, which increased by 1.00% to US$316 million between 2017 and 2018 continued to erode the shareholders’ equity.
No dividends were declared and paid by the Company during the year (2018: Nil).