Mulungushi International Conference Centre Limited (MICCL) has declared its first-ever dividend of K8.3 million to its shareholder, the Industrial Development Corporation (IDC).
This financial milestone has been welcomed by IDC, which is actively working to improve the performance of State-Owned Enterprises (SOEs) to ensure they operate profitably and sustainably. MICCL now joins ZAMCARGO, another IDC subsidiary, in declaring a first-ever dividend this year.
MICCL’s dividend declaration follows a strong financial performance in the 2023 financial year, driven by strategic improvements and increased market demand.
The 2023 financial year was marked by significant progress, with MICCL recording a 79% increase in revenue compared to the previous year. The company reported a net profit after tax of ZMW 23.714 million, representing a 35% growth from ZMW 17.526 million in the previous year. Revenue rose sharply to ZMW 102.551 million, up from ZMW 57.230 million, driven primarily by increased demand in conferencing, food and beverage, and outside catering services.
In line with its strategy to enhance operational efficiency, MICCL continued to outsource non-core services including gardening, security, and housekeeping, resulting in estimated cost savings of over 81%. This approach has enabled the company to concentrate resources on its core business functions, ensuring consistent delivery of high-quality services to clients across Zambia.
MICCL Board Chairperson, Ms. Leah Kooma, attributed this landmark achievement to the IDC’s support and the Board’s commitment to sustainable growth. She emphasized the impact of strategic investments, robust stakeholder engagement, and operational efficiency as key drivers of the Centre’s strong performance.
“I commended the dedication of both the Board and management in executing the company’s strategic plan, while maintaining a consistent focus on delivering premium conferencing and catering services to corporate and individual clients alike,” she said.
In Receiving the cheque, the IDC Board Member Dr Windu Matoka expressed appreciation for the hard work and commitment demonstrated by the MICCL Board and Management team.
“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 and long-term success in order to contribute positively to the National Gross Domestic Product,” Dr. Matoka said.