Kagem Mining Plc has declared a dividend of US$5 million to the Industrial Development Corporation (IDC) on the back of strong performance in the 2022 financial year.
The dividend, which was announced at the Annual General Meeting that was held in Lusaka earlier today, represents a significant increase from the dividend of US$1.5million declared last year.
Speaking while receiving the dividend cheque, Mrs Beatrice Nkanza, a Director on the IDC Board and Chairperson of the IDC Investments Committee, said Kagem’s declaration would significantly contribute to changing the narrative around investments in the mining sector following a four-year period without dividend declarations, from 2017 to 2020.
Mrs Nkanza said Kagem has continued to demonstrate substantial growth in revenue year-on-year, as it recovers from the negative impacts that COVID 19 had on the Company in 2020.
“As a shareholder, we are happy to see that the strong fundamentals in 2022 resulted into a profit of US$ 37.6 million compared to a profit of US$ 26.9 million in 2020, representing a 59% growth. This speaks to the Board and Management’s commitment to steer the Company in the right direction,” she said.
IDC Board Director Mrs Beatrice Nkanza and Kagem Mining Board Chairperson Dr Sixtus Mulenga shake hands at the Kagem Mining AGM. Picture credit - Langmead & Baker Ltd