Mozambican hydrocarbons company’s profits fall 15.5% to 49.1 ME

Companhia Moçambicana de Hidrocarbonetos (CMH) reported, in the financial year ending June 2023, profits of €58.1 million, marking a 75% increase compared to the same period in 2022. However, profits fell by 15.5% to $54.7 million, reflecting the company’s challenges during this period, according to the state oil firm’s latest figures.

CMH’s management attributed the dip in profits to external factors, including global geopolitical tensions and fluctuations in international commodity prices. Additionally, a decline in initial reserves impacted the company’s performance.

In its annual report, CMH acknowledged that operational issues, particularly at the Temane Production plant, significantly affected natural gas and condensate production, leading to lower revenues.

The company also highlighted that upcoming investments will influence future revenues, as natural gas reserves are depleting. To address this, CMH is focused on implementing strategies to sustain long-term natural gas production and meet contractual commitments.