British American Tobacco Zambia (LuSE:BATZ) reported an 11.7% year-on-year (y/y) decline in net profit to K21.5 million for the six-month period ended June 30 2015. Earnings per share came in at K0.10 (K0.11 in H1 2014):
Moody’s affirms Zambia rating at B1, downgrades outlook to negative
Moody's Investors Service ("Moody's") has today affirmed Zambia's B1 government bond rating and changed the outlook to negative. The key drivers for the negative outlook are:
- Deteriorating debt metrics, as evidenced by a rapidly rising debt burden and increasing debt servicing costs;
- A trend of missed fiscal targets that points to high execution risks in current deficit reduction plan to arrest the upward debt trajectory, particularly amid spending pressures in the lead up to next year's presidential election;
- The shift of the current account into deficit, removing a key credit support that has historically suppressed external vulnerability. (Read more)
Lusaka Stock Exchange-listed Zambeef Products Plc released their 2014 annual report which had revenues up 3 % year-over-year at K1.64 billion with a pre-tax loss of K21.2 million after being firmly in the black last year. Earnings per share (EPS) was of course at negative K0.0992:
Guy Scott U-turns on firing of party Secretary General Edgar Lungu
Patriotic Front (PF) interim president Guy Scott dismissed Secretary General Edgar Lungu then quickly reversed his decision as protests broke out in various parts of the capital and pressure increased from Cabinet and the PF Central Committee. The PF Central Committee will convene sometime after the burial of late President Michael Sata next week to hash out any positional conflicts.
$280m pledged for rehabilitation of Kariba Dam
$280 million has been pledged to rehabilitate Kariba dam by various entities in form of grants and loans broken down as follows:
$10m Twin Palm shopping mall open for business
The Twin Palm shopping mall opened its gates to customers last week. It cost $10m to develop over a period of two years by PMTP Zambia and will be managed by Knight Frank Zambia. The mall has 26 stores with a combined workforce of 500 and boasts Shoprite as its anchor tenant. The shopping mall is adequately positioned to cater to residents of Ibex Hill, Avondale, Salama Park and Chainda.
Copperbelt Energy Corporation (CEC) released their FY 2013 results which incoporated results from their Nigeria operations for the first time. Net profit came in at K457.6m, up 318.6% from the previous year. Revenue came in at K1.71bn, up 25.6% from the previous year.
Revenues were driven by K253m from CEC Africa (the company's international investment vehicle), an 80% increase in telecoms revenue and an 8% increase in electricity revenue. This would have been an impressive set of results except for the fact that CEC was headed for a FY 2013 loss of K258m had it not been for a ONE-OFF K716m gain on the bargain purchase of Abuja Electricity Distribution Company (AEDC).
Zambeef took a big hit in the first half of financial year 2014 coming in with an after-tax loss of K38.3m (H1 profit of K34.8m in 2013). Revenues came in at K789.5m, down 2% year-over year:
Zambia Sugar posted a net profit of K127.8m in financial year 2013 which was down 9.4% year over year:
Konkola Copper Mines has appointed Steven Din as the Chief Executive Officer, effective today, 12th May 2014. Din has a Bachelor’s degree in Chemical Engineering from Bradford University and is a Chartered management accountant. Din has held various Africa positions for mining giant Rio Tinto in the past with his most recent position being as CEO – Minerals for an Essar Africa project in Zimbabwe. He will be taking over from embattled predecessor Kishore Kumar (CEO of Vedanta’s Africa base-metals business) who had previously held the post twice in the last 4 years.
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *