By 
Mulungushi International Conference Centre Limited (MICCL) has reportedly declared its first-ever dividend of K8.3 million to its shareholder, the Industrial Development Corporation (IDC), following a strong financial performance in 2023.
According to a statement issued in Lusaka on Tuesday, MICCL recorded a 79 percent increase in revenue during the 2023 financial year compared to the previous year, driven by strategic improvements and rising market demand.
The company posted a net profit after tax of K23.714 million, representing a 35 percent increase from K17.526 million in 2022.
Revenue climbed sharply to K102.551 million from K57.230 million, spurred primarily by higher demand for conferencing, food and beverage, and outside catering services.
As part of efforts to improve operational efficiency, MICCL outsourced non-core services such as gardening, security, and housekeeping.
This strategy led to estimated cost savings of over 81 percent and enabled the company to focus more effectively on its core operations.
Speaking on the company’s performance, MICCL Board Chairperson, Leah Kooma, credited the achievement to the support from IDC and the Board’s commitment to sustainable growth.
She cited strategic investments, robust stakeholder engagement, and operational efficiency as key factors behind the Centre’s strong results.
“I commend 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,” Kooma said.
Receiving the dividend cheque, IDC Board Member, Dr. Windu Matoka, expressed appreciation to the MICCL Board and management team’s commitment and performance.
“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, contributing positively to the National Gross Domestic Product,” Matoka said.
He noted that the financial achievement was in line with IDC’s broader efforts to enhance the performance of State-Owned Enterprises (SOEs) for sustainable and profitable operations.
Matoka added that MICCL now joined ZAMCARGO, another IDC subsidiary, in declaring a first-ever dividend this year.
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