Mozambique Oil & Gas Market: CMH posts US$37.8 million in profits

Mozambican state oil and gas company Companhia Moçambicana de Hidrocarbonetos (CMH) in 2013 posted a profit of US$37.8 million, a year on year increase of 29 percent, according to the company’s report and accounts for last year.

Also according to the CMH report cited by the Mozambican press, in 2013 the company posted revenues of US$94 million, 25.6 percent more than the US$74.8 million recorded the previous year.

The company’s assets increased from US$341 million to US$375.7 million, liabilities rose from US$178.7 million to US$187.4 million and shareholder equity grew from US$162.4 million to US$188.3 million.

The board of CMH, a public company responsible for Mozambique’s oil and gas interests, said that the results were satisfactory as the company had been able to pay dividends to shareholders totalling US$11.95 million.

“Our shareholders are beginning to receive adequate amounts of dividends, in accordance with good levels of financial performance,” said the annual report and accounts.

According to the document, one of the factors that led to the “good results achieved,” was that in 2013 the company completed negotiations to sell about 27 million gigajoules of gas for the domestic market and the beginning of the provision of that gas, resulting in “higher volumes of gas supplied to the domestic market.” (mchb/MZ)