By 
AECI Mining Explosives PLC has reported a decrease in revenue by eight percent to K904.4 million in 2022 compared to K983.8 million the previous year.
The revenue figures were impacted by a drop in export sales, according to the financial statement for period ended December 31,2022 posted on the Lusaka Securities Exchange (LuSE).
Read more: Zambia Breweries profits up 55%, as company targets $80 million expansion project
It stated that material margins decreased as a result of a drop in revenue, this mainly affected by increased raw material prices.
The report indicated that the company achieved a net profit after taxation of K23.7 million compared to K99.9 million, a decrease of 76 percent from 2021.
“The reported numbers for revenue and net profit after tax were significantly impacted by the appreciation in the value of the Kwacha compared to 2021.
“Fixed costs were managed to compensate to a certain extent for the loss of margin,” it stated.
The report indicated that the earnings per share for the year were K1.16 compared to K4.89 in 2021.
“This decision not to declare a dividend was taken after careful consideration of the current level of activity within the business, current cash on hand and future requirements for business working capital, which includes short term expected cash costs as well as medium-term capital requirements,”’it indicated.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments