The Mozambican government has reported a nearly 40% increase in state revenues for 2024, with total earnings rising to 12,879 million meticais (approximately €192.6 million). This substantial growth is largely attributed to dividends received from several key companies within the nation, indicating positive developments within the country's economic framework.
According to data published by Notícias, the overall revenue for the Mozambican state during this period reached 344,836 million meticais (€5,156 million), reflecting growth of 38.7% compared to 2023. Dividends alone accounted for 3.7% of this total, which is an increase from 2.7% the previous year. The significant contributions came primarily from the Cahora Bassa Hydroelectric Plant, responsible for 56.8% of the total dividends, amounting to more than 7,308 million meticais (€109.3 million), up from 4,643 million meticais (€69.4 million) received in 2023.
Following Cahora Bassa was the National Hydrocarbons Company (ENH), which paid 2.2 billion meticais (€32.9 million)—a remarkable increase of 280% year-on-year. Meanwhile, the Ports and Railways of Mozambique (CFM) contributed 1.042 billion meticais (€15.6 million), but this represented nearly a 25% decline from the previous year. The financial performance of these companies showcases the varied trajectories occurring within the country’s sectors.
Another notable contributor was Millennium BIM, which is controlled by the Portuguese bank BCP and owned by the Mozambican state. The bank paid out 763.9 million meticais (€11.4 million) last year. The Mozambique-Zimbabwe Pipeline Company also made significant contributions, with almost one billion meticais (€14.9 million) paid to the state.
It’s also worth noting, according to the same budget report, revenues from concessions have declined by 4.6% compared to the previous year, totaling 5,035 million meticais (€75.3 million). This amount represented about 1.5% of all state revenues, down from 1.6% the year before. The Cahora Bassa Hydroelectric Plant continues to be the largest payer, contributing more than 2,513 million meticais (€37.6 million) from concessions, marking an 8.1% increase.
This mix of rising dividends and decreasing concession revenues paints a complex picture of Mozambique’s economic health, reflecting challenges as certain segments of the economy continue to grow. While state revenues have seen significant boosts from dividend activities, the decline noted in concessions calls for attention. Such variances suggest the government needs to strategize on maintaining and enhancing revenue from diverse sources to bolster sustainable economic growth.
Overall, the data points to positive momentum within specific sectors of Mozambique's economy, driven predominantly by state-owned enterprises like the Cahora Bassa Hydroelectric Plant. The increases demonstrate not only the companies' performances but potentially greater investor confidence and operational efficiencies developed over the year. Despite setbacks such as the falloff in revenues from concessions, the government’s approach to fostering such growth can be key to enabling broader economic stability.
Looking forward, it will be interesting to observe how these trends progress and whether the Mozambican government can capitalize effectively on the current economic developments, ensuring continued growth and resilience against future economic challenges.