They say when it rains, it pours. In Africa’s second largest copper hotspot, Zambia, it is surely raining dividends. Lusaka Stock Exchange (LuSE) primary and London Stock Exchange (LSE) secondary listed mining investment vehicle ZCCM Investments Holdings Plc (ZCCM-IH) running (ISIN0000000037) has outshined all state owned entities SOE’s after paying out a series of dividends to its shareholders ranging from the Industrial Development Corporation (IDC) to NAPSA the state pension fund to now the Ministry of Finance MinFin). ZCCM-IH Acting Chief Executive Officer Mabvuto Chipata presented a cheque for K16.8 million in gross dividends to the MinFin for their 17.25% stake.
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This follows a 16% rally in FY18 earnings as measured by PAT to K843 million from K729 million.
Total dividend declared for the year was K98.1 million representing K0.61 per share for the year ended 31st March 2018.
Receiving the dividend cheque in Lusaka today, Minister of Finance Hon. Margaret Mwanakatwe commended ZCCM-IH for keeping the Company on a profitable path.
Mrs. Mwanakatwe says her Ministry is looking forward to more and much bigger dividends in the near future considering the bright prospects in copper prices.
“I would like to implore other state owned enterprises to emulate the performance of ZCCM-IH by being more creative and working hard at turning around their institutions to profitability”
She further states that her Ministry will continue to provide a conducive environment for state owned enterprises to improve their performance, by providing the right policies.
Speaking during the event, ZCCM-IH Acting Chief Executive Officer Mabvuto Chipata says ZCCM-IH remains focused on continuing to create value within the portfolio, to sustain the delivery of the return on investment for all shareholders.
“Our 2018-2023 strategic plan activities are aimed at maximising and deriving shareholder value from our existing investments in the mines and other sectors, including any new investments we will undertake as a Company”, says Mr. Chipata.
