CEC Posts Half Year Profit

By John Chola

08/09/2025 – COPPERBELT Energy Corporation Plc (CEC), Zambia’s leading private power utility, posted a 42 percent rise in half-year profit as surging mining activity lifted demand, while investments in renewables and transmission reinforced its growth strategy.

For the six months ended June 30, 2025, CEC’s profit after tax climbed to US$61.5 million, up from US$43.2 million a year earlier.

Revenue surged 58 percent to US$360.0 million from US$227.8 million, boosted by local and regional power sales as well as wheeling services, the company said in a statement filed on the Lusaka Securities Exchange.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 43 percent to US$101.2 million, underscoring what the company described as a “resilient and agile” performance in a challenging energy landscape.

A one-off US$10.4 million write-back of receivables linked to Konkola Copper Mines further supported bottom-line growth.

 

 

Total assets grew to US$936.6 million, up 27 percent from June 2024, while cash reserves stood at US$198.8 million, compared to US$139.1 million a year earlier.

No interim dividend was declared in line with CEC’s policy to review shareholder payouts in the second half of the year.

Chief Executive Officer Owen Silavwe said the results reflected “growing power demand due to increased mining production” and highlighted the group’s strategic investments in energy transition, digitalisation, and regional interconnection.

“We doubled down our efforts in renewable energy with two solar plants – the 136 MW Itimpi 2 and the 12.5 MW Fitula projects – under construction, while the 25 MW Garnerton South project is expected to reach financial close in the third quarter,” Silavwe said.

 

 

He added that the expansion of the Zambia-DRC interconnector would nearly double transmission capacity, enhancing cross-border trade.

CEC also reported a marked improvement in workplace safety, achieving zero lost-time injuries in the period, down from one in 2024.

The company continues to carry US$150.3 million in outstanding Green Bond debt, after making a US$3.9 million coupon payment during the half year.

 

Proceeds from the bond are earmarked for renewables and infrastructure expansion.

CEC, a key member of the Southern Africa Power Pool, supplies power mainly to Zambia’s copper mines and operates transmission assets linking Zambia to the Democratic Republic of Congo.