Mozambique's state oil and gas company, Companhia Moçambicana de Hidrocarbonetos SA (CMH) posted a profit of US$37.8 million in 2013, a year-on-year increase of 29%, according to the company’s report and accounts for last year.
According to a CMH report cited by the Mozambican press, the company posted revenues of $94 million in 2013, 25.6% higher than the $74.8 million recorded for 2012.
The company’s assets increased from $341 million to $375.7 million, liabilities rose from $178.7 million to $187.4 million and shareholder equity grew from $162.4 million to $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 totaling $11.95 million.
“Our shareholders are beginning to receive adequate amounts of dividends, in accordance with good levels of financial performance,” CMH wrote in its 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 to the domestic market, resulting in “higher volumes of gas supplied to the domestic market.”
CMH is headquartered in Maputo and was incorporated on 26 October 2000, as an affiliate of the national hydrocarbon company (ENH).
The mission of CMH is to maximize shareholder value resulting from investments in gas production in Pande and Temane Upstream, in full compliance with the contractual rights and obligations. The vision of CMH is to ensure optimum utilization of gas resources by optimizing operations and providing access to more gas in the Mozambican market.
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