Africa-Press – Mozambique. Government data indicates that dividend revenue fell by 34.3% in the first half of 2025, compared to the same period in 2024. Information contained in the Balance Sheet of the Economic and Social Plan and State Budget, for the first half of 2025, indicates that the Government received only 5,110.9 million meticais, against 7,774.4 million meticais in the first six months of 2024.
Dividend revenues’ share of total government revenue in the first half of 2025 was 3%, compared to 4.6% in the first half of last year.
Of the eight companies from which the government expected to receive dividends, only four made the appropriate payments: Hidroeléctrica de Cahora Bassa (HCB), Caminhos de Ferro de Moçambique (CFM), Companhia de Pipeline Moçambique e Zimbabwe, and Companhia Moçambicana de Gasodutos.
HCB, for example, paid 4,539.2 million meticais, less than the 5,308.5 million meticais paid in the first half of 2024. CFM paid 250 million meticais, a 100% increase compared to last year, when it paid nothing. Companhia de Pipeline Moçambique e Zimbabwe contributed 226.2 million meticais, also a 100% increase compared to the first half of 2025, when it paid nothing. Meanwhile, the Companhia Moçambicana de Gasodutos. disbursed 95.5 million meticais, after remaining silent in the first half of 2024.
The remaining companies on the list (BIM, Companhia Moçambicana de Hidrocarbonetos (CMH), Companhia Moçambicana de Pipeline and Norsad) did not pay a cent in dividends to the Mozambican state. In fact, what happened this year was the opposite of what happened in the first half of 2024. With the exception of HCB, the companies that paid in the first half of 2024 are those that did not contribute in the first half of this year, and those that did not pay in 2024 are those that disbursed money this year.
“BIM’s failure to pay dividends in 2025 is justified by its greater exposure to the credit risk of the Mozambican state’s debt, which forced BIM to strengthen its equity capital so that the Bank is adequately capitalized to accommodate the negative impacts resulting from the materialization of default risks,” the government explains, while emphasizing that the Companhia Moçambicana de Hidrocarbonetos (CMH) will be able to distribute its dividends this year, as its financial year ended on June 30th.
“Norsad recorded a 100% decrease, driven by negative results in the last two fiscal years (2024: US$25,146,418; 2023: US$31,320,918), meaning there was no room for dividend distribution. The amount disbursed in 2024 refers to outstanding dividends from the 2021 and 2022 fiscal years, amounting to US$30,525 and US$8,934, respectively,” the document clarifies.
Revenues from concessions grew 9.4%
Concession revenue, on the other hand, grew 9.4% compared to the first half of 2024. In the first half of 2025, the state collected 3,162.9 million meticais, against 2,890.6 million meticais in the same period last year, and contributing 1.8% of the state’s total revenue in the first half of the year.
Of the 13 companies from which the government expected any payment, only Movitel paid nothing, after having disbursed 376.24 million meticais in the first half of 2024. Of the remaining companies, only HCB, Central Solar de Mocuba, and Security Mozambique, Lda. (Opsec) exceeded their contributions for the first half of 2024.
HCB, for example, paid 2,290.8 million meticais, compared to 1,111.5 million meticais in the first half of 2024; Central Solar de Mocuba paid 6.9 million meticais, while in the first half of last year, it paid 5.8 million meticais; Security Mozambique contributed 6.7 million meticais, after having paid 5.7 million meticais in 2024.
The remaining companies reduced their contributions. The Port of Maputo, for example, dropped from 700.6 million to 598.3 million meticais; the Nacala-a-Velha Logistics Corridor dropped from 167.1 million to 30.9 million meticais; and the Northern Development Corridor’s contribution fell from 394.7 million to 71.6 million meticais. The Mozambique Stock Exchange, which paid nothing in the first half of 2024, disbursed 50.4 million meticais this year.
It should be noted that government revenues reached 171,801.4 million meticais in the first half of 2025 (44.5% of the annual forecast), a 1.7% increase compared to the first half of 2024.
Of the 2025 revenues, current revenues reached 165,964.9 million meticais (43.9%) and capital revenues contributed 5,836.6 million meticais (75.3% of the annual forecast).
Compared to the first half of 2024, current revenues decreased by 0.9% and capital revenues grew by 321.5%.
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