ZCCM-IH Shareholders Approve K724 Million in Dividends
During ZCCM Investments Holdings Plc’s 19th Annual General Meeting (AGM) on Friday, September 29, 2023, shareholders gave their approval for combined dividends totaling K724 million. These dividends cover the financial years ending on December 31, 2022, and December 31, 2021.
Out of the approved dividend amount, the government will receive more than half a billion Kwacha, specifically K562 million. The Industrial Development Corporation (K437 million) and the Ministry of Finance and National Planning (K125 million) will be the beneficiaries of these dividends.
The dividend approval follows a significant increase in company profit. ZCCM-IH recorded a profit of ZMW4.26 billion for the year ending December 31, 2022, and ZMW1.68 billion for the year ending December 31, 2021.
This represents a remarkable year-on-year profit increase of 154% in 2022 and 149% in 2021. The improved performance is attributed to higher dividend receipts and enhanced performance from investee companies.
Additionally, investee companies benefited from favorable and sustained copper prices during the two reporting periods.
At the group level, ZCCM-IH reported revenues of ZMW11.96 billion and ZMW14.40 billion for the years ending December 31, 2022, and December 31, 2021, respectively.
The significant increase in revenue in 2021 and 2022 can be attributed to the acquisition of Mopani Copper Mines PLC, which contributed to approximately 98% of the group’s revenue.
The dividends approved for the 2021 and 2022 financial years mark the seventh and eighth consecutive dividend declarations by ZCCM-IH. Since 2015, ZCCM-IH has paid a total of K1.4 billion in dividends to its shareholders, reflecting its commitment to providing value to investors.
These dividend approvals demonstrate the company’s robust financial performance and its contribution to the national economy, benefiting both shareholders and the government.
