The Hidroelétrica de Cahora Bassa (HCB) company recorded net profits of 10.2 billion meticais for the year ended December 31, 2021.

This is the highest value ever, according to the statement sent to MZNews. According to the statement, this result was supported by an increase in sales of 12.5% to 28,986.4 million meticais, sustained by an overall production of 14,990 Gwh, corresponding to 6.1% above the production planned for the year 2021.

The press release also states that the global hydroelectric production results from the availability of water resources and energy generation and transmission equipment, and represents a slight decline of 2.3% when compared to the 2020 production.

As for the application of the company's net results, the General Assembly made the following distribution: 36.4% for payment of dividends to shareholders; and 63.6% for retained earnings. In this way, the company document states, the value of the dividends per share for the 2021 financial year is 0.14MZN (a total of 3.7 billion meticais), a figure 26.1% higher than the dividends per share paid in 2021, relative to the 2020 financial year.

The Company's financial situation, liquidity and solvency indicators remain strong, providing the prospect of resilience, stability, growth and balance in the medium and long term. Throughout 2021, HCB maintained a strong commercial focus.

It says note we had access to that the company has managed to meet the growing demand for electricity in Mozambique, cementing its position as one of the largest exporters of electricity in the South African region. In line with its strategy, HCB has made progress to ensure financial and operational sustainability by strengthening and managing its installed capacity through its 10-year "Vital Capex" program.

The program aims to modernize and renew the equipment in the production chain to improve performance while ensuring a reliable energy supply to customers.

HCB continues focused on being an international reference company and a driving force in the development of energy access in Mozambique and Southern Africa.

The communiqué also states that HCB continues to prioritise its strategy of expansion of production capacity and diversification of operations, which includes investment in new power generation units, with emphasis on the Mphanda Nkuwa hydroelectric project, whose production capacity is estimated at 1500 MW. For the year 2022, the company has planned an annual production target of 14,228 GWh.

The definition of this target took into account the implementation of the Vital Capex and the scheduled maintenance stoppages of the power generation park, which have impacts on the availability of the equipment for generation, conversion and transport of energy.