Industrial Development Corporation (IDC) has congratulated Kagem Mining Limited for declaring its first dividend since 2016.
Speaking during the handover ceremony where Kagem handed over a USD1.5 million cheque to the IDC, IDC Acting Group CEO Mr. Henry Sakala said the declaration of the dividend demonstrated the hard work and dedication that was put into the company’s operations.
Mr. Sakala said IDC expected to see more growth in revenues and profitability going forward, as Kagem continues to grow its footprint in the global gemstone market.
He further said IDC, an investment vehicle of the Government, would ensure the dividends received from its investments were utilized to drive Zambia’s industrialization agenda.
Speaking at the same event, Kagem Board Chairperson Dr Sixtus Mulenga said the dividend declared today showed that Kagem had weathered the storm of Covid-19 to deliver a record performance for the 2021 Financial Year.
Dr. Mulenga further said Kagem had given back to the people of Zambia approximately USD141 million since the takeover of Gemfields Group Limited in form of corporate taxes, mineral royalties, export duty and dividends.