MICCL Declares First-Ever Dividend of K8.3M to IDC
Mulungushi International Conference Centre Limited (MICCL) has declared its first-ever dividend of K8.3 million to the Industrial Development Corporation (IDC), its sole shareholder.
This milestone affirms MICCL’s upward trajectory and marks a significant step in the IDC’s ongoing mission to improve the profitability and sustainability of State-Owned Enterprises (SOEs).
The dividend follows MICCL’s impressive performance in the 2023 financial year, where the company recorded a 79% increase in revenue—rising from ZMW 57.230 million to ZMW 102.551 million. This growth was driven by heightened demand for conferencing, food and beverage, and outside catering services. Net profit after tax surged to ZMW 23.714 million, a 35% rise from ZMW 17.526 million the previous year.
Speaking during the dividend handover ceremony, MICCL Board Chairperson Ms. Leah Kooma credited the landmark achievement to robust support from IDC, strategic investments, stakeholder engagement, and a commitment to operational efficiency.
“The dedication of both the Board and management to executing our strategic plan while delivering premium services has been key,” said Ms. Kooma.
To optimize operations, MICCL outsourced non-core services such as gardening, security, and housekeeping, generating estimated cost savings of over 81%. This strategic move allowed the company to focus more resources on its core business areas.
Receiving the dividend cheque on behalf of IDC, Board Member Dr. Windu Matoka expressed gratitude for MICCL’s performance. “We commend the Board and management for this huge milestone. We encourage you to build on this momentum and continue driving the company’s growth for long-term national benefit,” he stated.
MICCL joins ZAMCARGO—another IDC subsidiary—in declaring a first-ever dividend this year, underscoring IDC’s broader agenda of turning SOEs into profit-generating enterprises that contribute meaningfully to Zambia’s GDP.
