Maputo, Mozambique, 16 Aug – Revenues generated by companies in which the Mozambican state has a stake fell from 178 million meticals (US$6.6 million) in 2009 to 104.5 million meticals in 2010, a drop of 41.3 percent, according to the Annual Report and accounts of state stake-holding company, Instituto de Gestão de Participações do Estado (Igepe).

Cited by Mozambican newspaper O País, the report, published Monday in Maputo, offers two reasons for the 74 million-metical drop in the State’s revenues: The reduction and non-distribution of dividends by some of Mozambique’s largest companies.

Mozal, Moçambique Celular (mCel), Silos e Terminal Graneleiro da Matola (Stema) and Central Impressora e Editora de Maputo (Ciedima) were the companies that did not share any of their earnings with the State, and Mozal has not provided dividends since 2009.

Mozal argues that, when the crisis hit in 2008, it was forced to take on loans from shareholders and that, at the moment, they are paying these back, and thus only after all debts are paid off will the company start distributing dividends to shareholders.

The Mozal aluminium foundry was one of the biggest contributors to the State’s revenues, along with mCel which, in 2009, provided the State with almost 30 million meticals. (macauhub)