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LAM's accumulated debt fell almost 6% in 2023 to less than 100 million
Mozambique Airlines' (LAM) debt fell by 5.7% in 2023, to 105.9 million dollars (98.7 million euros), according to the State Business Sector (SEE) debt report, consulted today by Lusa.
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Economia LAM
According to the report from the Ministry of Economy and Finance, LAM, which is undergoing restructuring, had a total debt of $112.3 million (€104.6 million) in 2022 and reduced its weight on the total SEE debt to 17.3% last year.
Overall, Mozambican SEE companies, 18 of which are fully state-owned or participated, accumulated a total debt stock of $612.1 million (€570.3 million) at the end of 2023, a reduction of almost 10% in the space of a year.
"It should be noted that after Rádio Moçambique managed to pay off all its debts in 2022, in 2023 three other companies (Televisão de Moçambique, Correios de Moçambique and DOMUS) completely paid off the debts on their respective balance sheets," the document reads.
The SEE's debt stock was led in 2023 by Aeroportos de Moçambique, with $199.4 million (€185.8 million), which reduced by almost 1% in one year, with a weight of 32.6% of the total, followed by Caminhos de Ferro de Moçambique (18.5%), with $113.4 million (€105.7 million), which reduced by 20.3%, and by LAM (17.3% of the total).
These three companies alone accumulated 70% of the direct debt of the Mozambican SEE in December.
LAM has been led for almost two months by Theunis Crous, who is also the general director of the South African Fly Modern Ark (FMA), appointed by the Mozambican government in April last year to restructure the state-owned airline.
LAM's Board of Directors announced on February 28 the termination of the company's general director, João Carlos Pó Jorge, as part of the company's restructuring measures. On the same day, he was replaced by Theunis Crous, who will assume the role on an interim basis until April 30, the period foreseen for the decision to renew the contract with FMA, in which the new general director of LAM is a partner and its general director.
LAM operates regular passenger flights to the country's 10 provincial capitals and to the Mozambican cities of Vilanculos and Nacala. Regionally, it also flies to Johannesburg and Cape Town (South Africa), Dar-Es-Salaam (Tanzania), Harare (Zimbabwe) and Lusaka (Zambia), and also plans to launch flights to Lilongwe (Malawi) and Nairobi (Kenya), as well as Dubai, China and India.
LAM has also been flying three times a week to Lisbon since last December, the only intercontinental destination it currently operates.
Read Also: Portugal prevents entry of cargo from Mozambique by LAM for five months (Portuguese version)
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