Good afternoon. Mozambique Airports is back in the black. Aeroportos de Moçambique reported net earnings of MZN637m ($10m) in 2025, reversing a loss of MZN1.53bn ($24m) the previous year.
That is good news for a company responsible for around 20 airports and airfields across the country. Mozambique needs working airports, especially if it wants to build tourism, attract investors and connect provincial economies more effectively to Maputo and the outside world.
But the turnaround may be little more than a change in how the accounts are presented. AdM linked the improvement chiefly to the reversal of impairment losses connected to the restructuring of debt owed by LAM, and to the reorganisation of its own liabilities.
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That points to a wider problem in Mozambique’s public sector. State-owned companies do not operate in isolation. When one does not pay another, the debt moves through the system. LAM’s unpaid obligations weaken AdM. AdM has its own obligations to suppliers and utilities. Public institutions that fail to pay electricity or water bills weaken EDM and water companies. Municipalities that do not pay for public lighting add another layer of arrears.
