ZCCM-IH declares K153m Profit

By MAIMBO MWEEMBA
Shareholders of Zambia Consolidated Copper Mines Investments Holdings Plc. (ZCCM-IH) approved a 53 million Kwacha dividend at 33 ngwee per share.

This follows profit of 153.4 million Kwacha at the company level for the financial year ending December 2019.

At the ZCCM-IH Group level, profit for the period was 307 million Kwacha compared to 448 million Kwacha for 31st March 2019 year end.

The dividend was approved during the virtual 17th Annual General Meeting held yesterday.

And, Public Relations Manager Louisa Kakoma said in a statement that the decline in profit is on account of 57% reduction in share of profit from companies such as Kansanshi Mining Plc and Copperbelt Energy Corporation (CEC) Plc.

“The Group’s total assets increased by 14 percent and an 18 percent rise in retained earnings while at Company level, retained earnings increased by 19 percent due to the profit recorded for the period of 153.4 million Kwacha,” she said.

This is the fifth consecutive time that the Company has declared a dividend in line with its strategic goal of ensuring shareholder return on investment.

ZCCM-IH has paid out 590 million Kwacha in total dividend to its shareholders in the past five years.

ZCCM-IH has shares in about 20 companies, many of them mining firms.