CEC toasts US$61.5m profit windfall

CEC toasts US$61.5m profit windfall

 By Mast Reporter

THE Copperbelt Energy Corporation Plc (CEC) says it has posted an increased profit after tax (PAT) of US$61.5 million for its half-year period ended June 30 this year.

This is an increase from the US$43.2 million earned in the prior period, driven by strong performance across all the firm’s business segments.

CEC chief executive officer Owen Silavwe announced that the 25MW Garnerton South Project was expected to reach financial closure in the third quarter of this year.

According to CEC’s unaudited financial results for the period ending June 30, 2025, the company posted an increased profit after tax of approximately US$61.5 million, an increase from the US$43.2 million earned in the corresponding period last year.

The improved financial performance was primarily driven by strong performance across all its business segments, including local and regional power sales and wheeling.

This represents the third consecutive half-year where the power utility has recorded sustained growth in PAT, after posting profits of approximately US$30 million, US$113 million and US$43.2 million in the half-year periods of 2022, 2023 and 2024, respectively.

Revenue increased to US$360 million in 2025, up from US$227.8 million in 2024, signaling a 58 per cent growth.

“During the period, we doubled down on our efforts to contribute to the energy transition with two additional solar power plants, namely the 136MW Itimpi 2 and the 12.5MW Fitula Project currently under construction, while the 25MW Garnerton South Project is expected to reach financial close in the third quarter. We also commissioned works related to the expansion of the existing interconnector between Zambia and the DRC [Democratic Republic of Congo], enabling an almost two-fold increase in transmission capacity,” Silavwe said.

“We are progressing with the construction of several power connection assets to support specified mining projects at various development stages, whose commercial operations are expected to commence within the next 12 months.”

The CEC share price on the Lusaka Securities Exchange (LuSE) is currently at an all-time high of ZMW25.95 per share as of the end of August 2025, compared to ZMW13.22 per share one year prior.

In June this year, CEC’s market capitalisation on the LuSE exceeded US$1 billion, a historic first for locally listed companies on the bourse, reflecting strong confidence in the company’s business operations and strategy.

The Kitwe-based power utility did not declare a dividend payable to shareholders during the period under review in line with its policy to only consider dividend decisions in the second half of the year.