TRYNESS TEMBO
Lusaka
COPPERBELT Energy Corporation (CEC) continues to demonstrate strategic resilience and disciplined execution, achieving yet another outstanding financial performance that firmly establishes it as one of Zambia’s most successful corporate institutions.
The company’s historic achievement of surpassing a market capitalisation of US$1 billion on the Lusaka Securities Exchange (LuSE) marks a new chapter in the nation’s capital markets, cementing CEC’s reputation as a symbol of excellence and investor confidence.
The milestone was commemorated with a symbolic bell-ringing ceremony during the Copperbelt Agricultural, Mining, Industrial, Networking and Enterprise Expo (CAMINEX) in Kitwe on May 28.
The event was officiated by Minister of Mines and Minerals Development Paul Kabuswe, who represented President Hakainde Hichilema.
The atmosphere was celebratory, with government officials, industry leaders, investors and other dignitaries acknowledging CEC’s contribution to Zambia’s economic growth.
In his keynote address, Mr Kabuswe reaffirmed Government’s commitment to supporting private sector-led growth, saying CEC’s milestone is evidence that the country’s policies to create an enabling business environment are bearing fruit.
“CEC’s achievement strengthens investor confidence and shows that our policies to create an enabling environment are working. The success of CEC is the success of Zambia,” he said.
This billion-dollar milestone was not achieved overnight.
It is the result of years of prudent financial management, innovation and consistent investment in energy infrastructure.
CEC’s chief financial officer Mutale Mukuka attributes the company’s success to strong strategy execution, stakeholder collaboration and commitment to national development.
In 2024, the company recorded significant financial gains, with total revenue increasing by 43.2 percent to US$547.7 million, up from US$382.3 million the previous year.
This growth reflected improvements in both local and regional energy sales, particularly to the mining sector in Zambia and the Democratic Republic of Congo.
The growth also highlighted CEC’s strong operational capacity, diversification strategy and its ability to respond effectively to regional energy demand.
While revenue growth was a major highlight, CEC also made significant progress in maintaining cost discipline and improving liquidity.
Profit after tax for 2024 stood at US$96.9 million, a strong performance considering the scale of infrastructure investments the company has undertaken.
Total assets rose by 26.9 percent to US$857.4 million, from US$675.6 million the previous year, largely driven by investments in renewable energy projects and transmission infrastructure.
Equally impressive was the company’s liquidity position, with cash and cash equivalents nearly doubling to US$213.8 million, compared to US$109.0 million in 2023.
This was supported by an improved cash conversion ratio of 71 percent, a marked increase from 41 percent the previous year.
According to Mr Mukuka, this improvement underscores the company’s commitment to financial discipline and operational efficiency.
“Our focus on financial resilience and efficient cash flow management has strengthened our balance sheet and positioned us for long-term sustainable growth,” he said.
CEC’s investment decisions continue to be guided by a vision to create long-term value while supporting Zambia’s broader energy transition.
In 2024, the company maintained steady capital investment, directing funds towards renewable energy expansion, network modernisation and digital transformation.
Among the notable achievements was the commissioning of the 60-megawatt Itimpi Solar Photovoltaic Plant, a major milestone in CEC’s renewable energy journey.
The company also reached financial close for the 136-megawatt Itimpi II Solar Project, reinforcing its commitment to clean energy development.
These initiatives, coupled with ongoing infrastructure modernisation, such as upgrading telecommunication systems and adopting drone and digital technologies, are transforming CEC into a modern energy player aligned with global sustainability goals.
Beyond its financial and operational performance, CEC has continued to strengthen its reputation as a responsible corporate citizen.
The company’s approach to taxation is rooted in fairness, transparency and social responsibility.
Its governance structures ensure full compliance with tax laws and regulations, with oversight from the Audit and Risk Committee and the executive management team led by the chief financial officer.
Mr Mukuka explained that the company’s philosophy on taxation goes beyond compliance, reflecting its belief in contributing to Zambia’s development.
“Our approach to taxation is not just about meeting our obligations; it is about demonstrating integrity and ensuring our tax strategies support national growth,” he said.
The firm’s performance has not gone unnoticed by key stakeholders in the capital markets.
The Securities and Exchange Commission (SEC) described CEC’s success as a realisation of the Zambia Capital Markets Master Plan, which the company helped develop.
