In a momentous occasion, Mr. Kakenenwa Muyangwa, the Chairman of Zambia Consolidated Copper Mines Investments Holdings PLC (ZCCM-IH), delivered a substantial dividend cheque to the Industrial Development Corporation Zambia Limited (IDC) on October 25, 2023.
The ceremony marked the eighth consecutive year that ZCCM-IH has rewarded its majority shareholder, IDC, with significant dividends, underlining the company’s consistent growth and financial strength.
Addressing the IDC Group Chief Executive Officer, IDC Board members, senior management, staff, and other esteemed guests, Mr. Muyangwa expressed his enthusiasm, stating, “I am a bearer of good news! I am delighted to be here today to present to you our majority shareholder a dividend cheque. This amount of approximately Four-Hundred and Thirty-Six Million Kwacha (K436 million) comprises dividends for the financial years ended 31 December 2021 and 2022.”
ZCCM-IH’s ability to maintain its dividend streak, despite challenging economic conditions in recent years, showcases the company’s resilience and profitability. Since 2015, ZCCM-IH has distributed a total of approximately K1.4 billion to its shareholders, demonstrating its commitment to delivering value.
Mr. Muyangwa highlighted the pivotal role of the acquisition of Mopani Copper Mines, which contributed to a substantial increase in Group revenues, from K174 million in 2020 to K11.9 billion in 2022. This acquisition alone accounted for about 98% of ZCCM-IH Group revenues.
Furthermore, at the company level, ZCCM-IH’s profits surged from K673 million in 2020 to an impressive K4.26 billion in 2022, signifying a remarkable performance and financial stability.
In his address, Mr. Muyangwa emphasized ZCCM-IH’s core mission of driving the development and growth of the mining sector in Zambia, praising IDC for their unwavering support as ZCCM-IH’s premier investment arm in the mining sector.
He reiterated the company’s commitment to leveraging their mining expertise and resources to fulfill their mission successfully.
Looking ahead, Mr. Muyangwa conveyed optimism for the future of ZCCM-IH, expressing confidence that the company will resolve capital issues at Mopani and Konkola Copper Mines within the year. He also emphasized their commitment to continued growth and transformation, in line with their 2020-to-2026 Strategic Plan.
As the event concluded, Mr. Muyangwa expressed his gratitude and thanked all attendees for their attention and support, highlighting that the promising financial results and unwavering commitment to shareholder value were clear indicators of ZCCM-IH’s bright future.
The handover of the dividend cheque symbolizes the fruitful partnership between ZCCM-IH and IDC and marks another significant milestone in the development of Zambia’s mining sector.