Maputo, Aug. 28, 2024 (Lusa) - Revenues from the Mozambique Road Network (Revimo), responsible for the construction, maintenance and operation of several national roads, grew by 24.6% in 2023, to €32.7 million, according to the report and accounts, Lusa saw on Wednesday.
According to the document, Revimo ended 2023 with revenue of 2,341 million meticais (€32.7 million), having increased profits by 9.8%, reaching 158 million meticais (€2.2 million) last year.
‘In 2023 we will once again set new levels of traffic volume and increasingly improve the quality of our services,’ according to the message from the board of directors in the document.
According to the document, Revimo closed 2023 with 616 employees, an increase of around 9.6% compared to 2022, and has a share capital of 660,000,000 meticais (€9.2 million). Its shareholder structure is led by the Road Fund (70%) and the Bank of Mozambique Pension Fund (15%), in equal % with the National Social Security Institute (INSS).
Of the total 158 million meticais in profits in 2023, the board proposed that 7.9 million meticais (€110,000), corresponding to 5% of the total, be invested in legal reserves, 63.2 million meticais (€885,000) in dividends to shareholders, corresponding to 40%, and 86.9 million meticais (€1.2 million) to reinforce retained earnings, equivalent to 55%.
Revimo ended the year managing 675.1 kilometres of roads in five provinces of Mozambique, with 16 tolls (33% more than last year), and recorded a growth of 11.3% in annual average daily traffic, which rose to 53,494 vehicles.
The concessions handed over by the state to Revimo include the N6 Beira-Machipanda road, with a length of 287 kilometres (km), the Maputo ring road, with 71.4 km, and the R804 Marracuene - Macaneta road, with a length of 12 km, and the Maputo KaTembe Bridge and its connecting roads with 187 km.
The Mozambique government approved the integration of the 32 km long R453 Macia-Praia de Bilene road in 2021, the 60.7 km long N101 Macia-Chokwé road, and the 25 km long R448 Chokwé-Macarretane road.
In the report, Revimo indicates as a ‘priority’ for 2024 the completion of the construction of the new bridge over the Metuchira River on the N6 motorway in Manica province and ‘the continued commitment to preserving infrastructure’.
The document states that vehicle traffic increased overall in 2023 to 19,525,430, an increase of around 11.3% compared to the same period the previous year. One cause is the intensification of migratory movement at the Ponta D'Ouro border and on the Maputo ring road.
‘Increased urban traffic in the KaTembe municipal district in the country's capital as a result of the reduction in class 1 and 2 toll rates that came into force in August 2022, increased demand for tourist resorts in Macaneta and Praia do Bilene as a result of the new roads recently rehabilitated by Revimo coming into operation,’ it adds.
The report also highlights that in 2023, Revimo recorded 1,229 accidents on the roads under its management, with damage valued at 6,686,954 meticais (€95,000). Of this, 63.5% was recovered as a result of proceedings with the offenders, insurers, and/or the courts.
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