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TAZAMA Pipelines Limited has declared a dividend of over K105.4 million to the Government, following a strong financial performance for the year ended December 31, 2024.
Energy Minister, Makozo Chikote, announced that the company recorded a net profit of K632.4 million, up from K538.2 million in the previous financial year.
Speaking during the dividend cheque handover ceremony in Lusaka yesterday, Chikote said the impressive results prompted the board to approve a dividend payout of K105,406,128 in line with the government’s two-thirds shareholding in the company.
The amount has since been remitted to the Ministry of Finance and National Planning.
“This occasion demonstrates TAZAMA’s solid performance, transparency, and accountability, as well as our commitment to contributing to the national treasury and the broader economic development agenda,” Chikote said.
“The dividend reflects the success of ongoing reforms, prudent management, and the dedication of our board, management, staff, and stakeholders,” he said.
Receiving the cheque, Finance and National Planning Minister, Situmbeko Musokotwane, commended TAZAMA for its achievement and urged the company to prioritise the modernisation of its infrastructure, much of which was established decades ago.
He assured that the funds would be applied prudently for the benefit of Zambian citizens.
“On behalf of the Government, I congratulate the Board and Management of TAZAMA Pipelines for their dedication. This dividend is not just a financial return but a reflection of improved management and operational efficiency,” Musokotwane said.
He reaffirmed the importance of the energy sector in driving economic activity, noting that petroleum products transported via the TAZAMA Pipeline from the port of Dar es Salaam, Tanzania, are critical for the movement of goods and people and for powering industries.
Musokotwane added that pipelines remained the most cost-effective method of fuel transportation, compared to road, rail, and air.
“While pipeline infrastructure requires significant upfront investment, the long-term operating costs are substantially lower,” he said.
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