The Calendario de Resultados tracks financial-reporting dates for the five companies listed on the Bolsa de Divida e Valores de Angola (BODIVA). In a market that recorded 10,328 transactions across all of 2024 and carries a combined capitalisation of approximately $3.37 billion, earnings releases are among the most concentrated catalysts for price action. Knowing when each company reports – and what to expect – gives investors a structural edge in an equity market where information asymmetry remains high.

The Five BODIVA-Listed Companies

Angola’s equity market currently comprises five names, all of which are required by Comissao do Mercado de Capitais (CMC) regulation to publish audited annual financial statements and, in most cases, semi-annual interim reports.

Banco Angolano de Investimentos (BAI). Angola’s largest bank by assets, BAI shares trade near Kz 100,500. As a systemically important financial institution, BAI publishes full-year audited results and a semi-annual interim report. The annual report is typically released in the first half of the year following the reporting period, with the exact date announced via BODIVA’s Sistema de Difusao de Informacao (information-disclosure system). Key metrics to watch include net interest income, loan-loss provisions (driven by the credit cycle and the kwanza’s trajectory against the dollar at 914.60 AOA/USD), return on equity, and the capital-adequacy ratio benchmarked against BNA minimum requirements.

Banco de Fomento Angola (BFA). The second-most-liquid BODIVA equity, BFA trades near Kz 118,000 per share. BFA’s shareholder structure includes significant Portuguese banking interests, meaning its reporting also carries cross-border relevance. Annual results follow a similar first-half publication window, with interim results around the end of the third quarter. Analysts focus on BFA’s treasury-securities portfolio – a large proportion of Angolan bank assets are held in government bonds – and on fee income from FX transactions as a proxy for broader economic activity.

Banco Caixa Geral Angola (BCGA). A subsidiary of Portugal’s Caixa Geral de Depositos, BCGA’s listing on BODIVA connects Luanda’s equity market to Lisbon’s banking ecosystem. BCGA publishes audited annual statements, typically in the second quarter, and semi-annual interim numbers. The bank’s earnings are sensitive to the same BNA policy-rate dynamics that affect BAI and BFA, but its Portuguese parentage introduces additional variables including eurozone monetary policy and cross-border capital flows.

ENSA Seguros de Angola. Angola’s leading insurance company by premium volume, ENSA brings sectoral diversification to a BODIVA equity board otherwise dominated by banks. Insurance earnings in Angola are influenced by the penetration rate (still low by regional standards), the investment return on reserves (tied to government bond yields and the BNA rate at 17.5%), and claims experience in the property and motor segments. ENSA’s annual results are published in the first half of the year, with interim data availability varying by reporting period.

BODIVA (the exchange itself). BODIVA’s self-listing is unique in the sub-Saharan African exchange landscape. As both a market operator and a listed entity, its earnings are a direct function of trading volumes, listing fees, and ancillary service revenues. The 10,328 transactions recorded in 2024 represent the activity base from which BODIVA’s revenue is derived. Full-year results are published alongside the annual report, typically in the second quarter.

Reporting Cadence and Regulatory Requirements

Under CMC regulations, BODIVA-listed companies must publish audited annual financial statements within a prescribed period following the close of the fiscal year (31 December for all five companies). The standard deadline is approximately six months after year-end, though companies can and do publish earlier. Semi-annual interim statements (covering the period to 30 June) are required to be published by the end of the third quarter. The CMC can impose sanctions for late filing, adding a regulatory incentive to timely disclosure.

The audit function is performed by registered audit firms, and the calendar notes whether each company’s auditor has been confirmed for the current reporting period. Auditor rotations, qualifications, or emphasis-of-matter paragraphs are flagged as potential risk indicators in the research team’s earnings-preview notes.

Earnings Preview and Review Notes

The Angola X Research Team publishes an earnings-preview note approximately one week before each expected release, setting out expectations for the key financial metrics, identifying the most market-sensitive line items, and highlighting any discrepancies between consensus (where available) and the team’s own estimates. Within 48 hours of each release, a post-earnings review analyses the actual results against expectations, updates fair-value estimates, and assesses implications for the equity-market outlook.

How to Use This Calendar

Each entry in the calendar includes the company name, the reporting period (full year or interim), the expected publication window, the confirmed or estimated date, and a link to the company’s BODIVA disclosure page. Entries are updated as companies announce exact dates. Subscribers can configure email alerts for specific companies, and the calendar integrates with the broader economic calendar to show earnings dates alongside macro events. Historical earnings data and the team’s forecast-accuracy track record are accessible through each company’s profile page in the equities section.

Context: Why Earnings Matter More in Thin Markets

In deep, liquid markets, earnings releases move individual stock prices but rarely shift the market as a whole. On BODIVA, where the five listed names collectively account for the entire $3.37 billion equity capitalisation and daily turnover can be measured in single-digit transactions, a single earnings surprise can move the headline index and influence sentiment across the board. This concentration effect means that earnings dates function less like corporate events and more like macro catalysts, warranting the same level of preparation that investors apply to BNA rate decisions or inflation releases.