ZCCM-IH Shareholders Approve K724 Million Dividend Payout as Company Reports K5.94 Billion in Profits
ZCCM Investments Holdings Plc (ZCCM-IH) shareholders, gathered at the nineteenth Annual General Meeting (AGM) on September 29th, 2023, have approved combined dividends amounting to K724 million for the financial years ending on December 31th, 2022, and December 31th, 2021.
n a statement issued by Loisa Mbatha, Corporate Affairs Manager at ZCCM, during the AGM, K387.23 million and K336.07 million were approved for the years ending December 31th, 2022, and December 31th, 2021, respectively.
This payout follows the company’s impressive financial performance, with a recorded profit of ZMW4.26 billion and ZMW1.68 billion for the years ending December 31th, 2022, and December 31th, 2021, respectively.
Notably, this signifies a remarkable year-on-year increase in profits of 154% for 2022 and 149% for 2021.
The surge in company performance is attributed to higher dividend receipts and improved performance from its investee companies, which were favorably influenced by stable copper prices during the reporting periods.
On a broader scale, the group’s revenues amounted to ZMW11.96 billion and ZMW14.40 billion for the years ending December 31th, 2022, and December 31th, 2021, respectively. This increase in revenue can be attributed to the acquisition of Mopani Copper Mines PLC, responsible for approximately 98% of the group’s total revenue for both 2021 and 2022.
It’s worth noting that this dividend declaration marks the seventh and eighth consecutive payouts by ZCCM-IH for the 2021 and 2022 financial years, respectively. In total, the company has disbursed K1.4 billion in dividends to its shareholders since 2015.
The Zambian government is set to benefit significantly from this dividend payout, with a share of over half a billion Kwacha (K562 million). These funds will be distributed through the Industrial Development Corporation (K437 million) and the Ministry of Finance and National Planning (K125 million).
