ZCCM-IH pays K436 million dividend to Industrial Development Corporation


ZCCM-Investment Holdings has said despite the turbulent business environment in the past three years, the firm had remained resilient and profitable.

Board Chairperson, Kakenenwa Muyangwa, said ZCCM-IH recorded an increase in Group revenues from K174 million in 2020 to K11.9 billion in 2022.

Muyangwa said this in Lusaka on Wednesday when he presented to majority shareholder, the Industrial Development Corporation Zambia Limited a dividend cheque worth K436 million.

He said this was primarily due to the acquisition of Mopani Copper Mines, which accounted for approximately 98 percent of ZCCM-IH Group revenues.

Muyangwa said the amount was approximately K436 million and comprised of dividends for the financial years ended December 31, 2021 and 2022.

“We are proud to say that this is the eighth consecutive year that ZCCM-IH has paid a dividend to IDC. Since 2015, we have paid a total of approximately K1.4 billion to all our shareholders,” he said.

Muyangwa said ZCCM-IH recorded an increase in profits at company level from K673 million in 2020 to K4.26 billion in 2022 and its main purpose was to drive the development and growth of the mining sector in Zambia.

Read More: Group protests alleged return of Glencore to Mopani copper mine through proxy

He added that ZCCM-IH appreciated IDC’s continued suppot as its premier investment arm in the mining sector.

“ZCCM-IH will continue to grow shareholder value and maximise shareholder returns in years to come, and the fruit of our labour is what we are witnessing here today,” Muyangwa said.

He noted that the future outlook of ZCCM-IH remained optimistic as it expected to resolve capital issues at Mopani and Konkola Copper Mines this year.

WARNINGAll rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.

Polish investors call on Minister Nzovu, show interest in renewable energy, organic fertilizer, others

Previous article

Why Hichilema honoured late chief Justice Mambilima

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Economy