ZCCM-IH has delivered its ninth consecutive dividend, handing over K146 million to the Industrial Development Corporation (IDC) for its 60.3% shareholding. This payout follows the approval of a total of K243 million in dividends to shareholders for the financial year ending December 2023.
ZCCM-IH CEO Dr. Ndoba Joseph Vibetti said ZCCM-IH posted strong financial results in 2023, recording a company profit of K4.84 billion, a 14% increase from the previous year. Group assets also grew to K58.46 billion from K48 billion during the same period.
Dr. Vibetti said the company had positive prospects going forward, including the resolution of legacy issues at Konkola and Mopani Copper Mines, and progress to resume operations at Kasenseli Gold Mine. Additionally, ZCCM-IH’s increased shareholding from 24% to 31% in Copperbelt Energy Corporation and expansion of electricity generation in Maamba Energy Limited, in which ZCCM-IH holds 35% shares, have also brightened the outlook.
“Investor confidence in the company has increased, evidenced by the appreciation of ZCCM-IH share price by 52.4% on the Lusaka Securities Exchange from K42 to K64 per share,” he said.
Receiving the dividend cheque, IDC CEO Mr. Cornwell Muleya commended ZCCM-IH for its consistent dividend declarations. Mr Muleya said ZCCM-IH played a crucial role in driving Zambia’s economic growth and development.
He said IDC was happy to receive wealth on behalf of the Zambian people, adding that IDC would create a Wealth Fund to be able to invest resources in key economic areas.
“As you know, the mandate of IDC is changing. Apart from being an active investor and shareholder of State-Owned Enterprises (SOEs), we are also creating a Wealth Fund that we will manage on behalf of the people of Zambia…We will soon be dealing with legislative changes that will enable us to achieve this,” he said.
