Mozambique: ENH profit up 18% in 2025

According to the company’s financial statements reviewed by Lusa on Wednesday, ENH posted a net profit that reversed the decline recorded in 2024, when it reported earnings of 1.738 billion meticais (€23.4 million). However, the company’s operating business remained loss-making in 2025, with an operating loss of 1.046 billion meticais (€14.2 million), compared with a loss of 873 million meticais (€11.8 million) in the previous financial year. Last year’s profit was supported by financial income, which increased to 3.295 billion meticais (€44.6 million), up from 2.883 billion meticais (€39 million) in 2024.

According to the report, the “gains from investments” relate to dividends received in 2025 from subsidiaries ENH-Kogas, Companhia Moçambicana de Hidrocarbonetos (CMH) and Companhia Moçambicana de Gasoduto (CMG), as well as gains from the disposal of ENH’s stake in the Mazenga Block. CMH alone contributed 1.717 billion meticais (€23.2 million) to those gains, followed by CMG with 518 million meticais (€7 million) and ENH-Kogas with 360 million meticais (€4.8 million). ENH’s revenue also continued to grow, with sales and services increasing to 1.913 billion meticais (€25.8 million), compared with 1.768 billion meticais (€23.9 million) in 2024.

The company said the increase “was due to higher gas offtake by large customers”, referring to the sale of gas belonging to the Mozambican State received as production tax paid by Sasol. ENH’s total assets stood at 28.314 billion meticais (€382 million) at the end of 2025, while liabilities declined to 9.014 billion meticais (€121.7 million). In 2025, ENH acquired an additional 70% stake in ENH-Kogas, giving it full ownership of the subsidiary.

[paywall]

The company has share capital of 749 million meticais (€10 million), wholly owned by the Mozambican State, and operates under the supervision of the Ministry of Mineral Resources and Energy. Established in 1981, ENH participates in all of the country’s petroleum operations and holds interests in 11 hydrocarbon exploration, development and production concessions. ENH holds stakes in the main Rovuma Basin projects, including 15% in Area 1, led by TotalEnergies, and 10% in Area 4, led by ExxonMobil, in addition to interests in production projects at the Pande and Temane gas fields and several exploitation areas. Mozambique has three approved mega-projects for the development of the liquefied natural gas (LNG) reserves of the Rovuma Basin, regarded as among the largest in the world, offshore Cabo Delgado Province in the north of the country.

[/paywall]