Maputo — The Mozambican Hydrocarbon Company (CNH) was "the best company" in Mozambique in 2008, according to the consultancy and auditing firm, KPMG, in its annual survey of the Mozambican economy.
Previously the KPMG annual publication, "The 100 Top Companies in Mozambique", has looked at companies solely in terms of their size, and has made no value judgments. This year it added a list of the 100 "best companies", using an index combining growth of revenue, growth of revenue per employee, return on revenue, return on equity, financial autonomy and general liquidity.
CMH is the vehicle for Mozambican participation in the exploitation and processing of natural gas at Temane, in the southern province of Inhambane. CMH is thus the Mozambican partner of the South African petro-chemical giant SASOL, which has the rights to the Inhambane gas fields. A condition of the deal with SASOL was always that Mozambicans would have the right to participation of up to 25 per cent.
The largest shareholder in CMH is the publicly owned National Hydrocarbon Company, with 70 per cent of the shares, followed by the Mozambican state itself with 20 per cent, while private companies and individuals own the other 10 per cent.
In 2008, CMH had revenue of 48 million US dollars, and profits of around 20 million dollars. The CMH managing director, Estevao Pale, told reporters "We are a small company, but with great financial rigour. We are working to make the most of the money of our shareholders".
The top ranking in the KPMG list "is a recognition of work we have been undertaking in recent years. We are trying to keep a light structure in the company".
In the more orthodox ranking of the 100 top companies by revenue the MOZAL aluminium smelter remains top of the list, with revenue of 1.3 billion US dollar (but because of the fall in the aluminium price in 2008, this is a decline of 16 per cent on the 2007 figure).
In second place, and a long way behind MOZAL, comes the publicly owned mobile phone company M-Cel with revenue of 277.8 million dollars, followed by the state-owned fuel company Petromoc, with 277 million dollars.
In fourth place is Hidetoelectrica de Cahora Bassa (HCB), the company that operates the Cahora Bassa dam on the Zambezi, with total 2008 revenue of 239 million dollars.
When companies are measured in terms of their profits, MOZAL is still in the lead, but the second position is held by HCB. In third position is the country's largest bank, the Millennium-BIM, while the brewing company CDM has the fourth largest profits. The same companies headed the ranking by profit in the 2007 survey.
The survey has some methodological problems. Participation is entirely voluntary, and there is no way to compel companies to take part. Nonetheless, a respectable 207 companies answered this year's questionnaire from KPMG. The survey also relies on the companies telling the truth about their performance. There is no independent confirmation of the figures.
Despite such reservations, the KPMG annual survey brings together in one place a wealth of statistical information that covers most of the main players in the Mozambican economy.
Addressing the Thursday ceremony at which the survey was unveiled, Prime Minister Luisa Diogo called on Mozambican businesses to use their capacity, and their innovative and proactive spirit to reduce poverty.
"The business class can contribute to poverty reduction by making the best use of the country's natural resources", she stressed.
Source:allafrica.com/
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