Zamcargo Declares First-Ever Dividend of K4.2M to IDC
The Industrial Development Corporation (IDC) has commended Zamcargo for declaring its first-ever dividend of K4.2 million to its shareholder.
IDC Chief Executive Officer, Cornwell Muleya, praised Zamcargo’s board and management for the company’s strong performance, particularly over the past two years.
“It’s a great pleasure to receive this return on the investment that Zambia has made through IDC, on behalf of the people of Zambia,” Mr. Muleya said as he received the dividend cheque. “I encourage you to keep moving forward along the path you’ve set, because we believe your strategy is working and the results speak for themselves.”
He further expressed confidence in the company’s new direction: “We are very pleased with the investments and the progress made towards meeting your financial targets. The new long-term strategy you have adopted clearly reflects Zamcargo’s commitment to its mission and to delivering value for the country.”
Presenting the dividend cheque, Zamcargo Board Vice Chairperson Mr. Muyunda Munyinda highlighted the efforts made by the board since its formation about two years ago, including strengthening governance, supporting management with the right skills, improving internal controls, and identifying new business opportunities.
“We have remained committed to our strategy, and the results are now evident,” Mr. Munyinda said.
Founded in 2001 and currently headquartered in Dar-es-Salaam, Tanzania, Zamcargo was established to facilitate the efficient handling of imports and exports for Zambia at reduced costs. Its core objective was to minimize delays at the Dar-es-Salaam port, thus conserving the country’s foreign currency reserves.
Zamcargo is now expanding its footprint by establishing a second depot in Tanzania and venturing into new markets, including Namibia. This expansion is expected to significantly increase the company’s cargo handling capacity and boost its revenue growth.
