Ressano Garcia Thermal Power Plant (CTRG), the largest Mozambican plant, recorded a net profit of 1.3 billion meticais (\u20ac15.4 million) in 2019, the first since the company\u2019s creation five years ago, the company said.<\/p>\n
Speaking on Wednesday at a press conference, CTRG\u2019s commercial and contracts director, Estev\u00e3o Mussuei, said the revenues the firm achieved last year represent a 362% growth compared to 2018.<\/p>\n
Estev\u00e3o Mussuei said that revenues reached 7 billion meticais (\u20ac83.1 million) and operating profit reached 2.9 billion meticais (\u20ac34.4 million) in 2019.<\/p>\n
The exponential increase in the company\u2019s earnings was because the first five years of existence were marked by large capital investments, said Mussuei.<\/p>\n
\u201cIn total, CTRG has invested $285 million [\u20ac241.2 million] in infrastructure and equipment to date,\u201d he added.<\/p>\n
Mussuei said the company pays an average of 900 million meticais (\u20ac10.6 million) in direct taxes to the Mozambican state annually.<\/p>\n
\u201cThe company\u2019s financial solidity has also generated a margin for investments in the modernization of its activity, maintenance and repair of its technology park and equipment,\u201d Mussuei stressed.<\/p>\n
Located in Ressano Garcia, Maputo province, CTRG has an installed capacity to produce 175 megawatts of energy generated from natural gas produced at the Pande and Temane gas fields in Inhambane province.<\/p>\n
The company is 51% owned by the public company Electricidade de Mo\u00e7ambique (EDM) and 49% by the South African petrochemical company Sasol.<\/p>\n
In Mozambique, natural gas thermal power plants are the second-largest source of electricity generated in the country, holding a 17% share, while the hydroelectric system accounts for 80% of production.<\/p>\n