19.2 C
Lusaka
Sunday, May 26, 2024
spot_img
HomeNewsZCCM-IH shareholders approve K724 million as company records a total of K5.94...

ZCCM-IH shareholders approve K724 million as company records a total of K5.94 billion in profit

2nd October 2023, Lusaka, Zambia: ZCCM Investments Holdings Plc (ZCCM-IH) shareholders during the Company’s nineteenth (19) Annual General Meeting (AGM) held on Friday, 29th September 2023, approved combined dividends totalling K724 million for the financial years ended 31 December 2022 and 31 December 2021. Government will get over half a billion Kwacha (K562 million) from this amount through the Industrial Development Corporation (K437 million) and the Ministry of Finance and National Planning (K125 million).

A total of K387.23 million and K336.07 million was approved for the year ended 31 December 2022 and 31 December 2021 respectively. This follows a Company profit of ZMW4.26 billion and ZMW1.68 billion recorded for the years ended 31 December 2022 and 31 December 2021 respectively. This represents a year-on-year increase in profits of 154% (2022) and 149% (2021). The improved performance at Company level is attributed to an increased quantum of dividend receipts and improvements in the performance of investee companies. Further, the overall performance of the investee companies that paid dividends was positively impacted by favourable and sustained copper prices during the two (2) reporting periods.

At Group level, revenues of ZMW11.96 billion and ZMW14.40 billion were recorded for years ended 31 December 2022 and 31 December 2021 respectively. Increased revenue in 2021 and 2022 is due to the acquisition of Mopani Copper Mines PLC which accounts for an average of 98% of Group revenue.

The dividends declared for the 2021 and 2022 financial years represents the seventh (7) and eighth (8) consecutive dividend declaration by ZCCM-IH respectively. ZCCM-IH has paid a total of K1.4 billion in dividends to its shareholders since 2015.

RELATED ARTICLES

Most Popular