Sunday, February 25, 2024

ZCCM-IH records a profit after tax of K 729 million

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KCCM- Zambia Consolidated Copper Mines CEO Pius Kasolo
KCCM- Zambia Consolidated Copper Mines CEO Pius Kasolo

ZCCM-IH posted a profit after tax of K729 million during its financial year ending March 31, 2017, from incurring losses of nearly K3 billion in the previous corresponding period.

And ZCCM-IH have expressed optimism in its outlook due to the prevailing high copper prices on the international market that have averaged over US $6,500 per tonne since last year.

According to an audited statement for the financial year ending March 31, 2017, ZCCM-IH posted a massive profit after tax of K729 million, turning around from incurring enormous losses of almost K3 billion in the previous corresponding period in 2016.

Data further shows that the group’s share of losses from equity-accounted investee companies significantly reduced by 91 per cent from K2.2 billion in 2016 to K189 million in 2017 owing to investee companies’ improved performance.

“The profit after tax was K729 million (2016: Loss K2,912 million). Total assets marginally reduced by 2% from K9, 797 million to K9, 579 million largely on account of impairment of Ndola Lime Company Limited (NLC) plant (the 100 per cent subsidiary of ZCCM-IH). As a result of a continuing loss-making position and operational challenges experienced by NLC, assets amounting to K861 million were impaired during the year. During the year, ZCCM-IH increased its equity shareholding in Investrust Bank Plc from 10.6 per cent to 45.4 per cent through the rights offer and to 71 per cent (subsequent to the year under review through of a mandatory offer to Investrust’s minority shareholders),” ZCCM-IH announced in a statement issued in Lusaka.

“The group’s performance improved during the year owing to increase in copper production for most major mining companies. The increased production benefited from stability in energy supply and improvement in copper prices on the world market in the last quarter of 2016 and the first quarter of 2017. Copper prices on the London Metal Exchange (LME) increased from US $4,848/tonne at 31 March 2016 to US $5,858/tonne at 31 March 2017. The group recorded an operating profit of K848 million (2016 Loss: K858 million), largely attributable to the recovery of K1,923 million impairments from investee companies whose performance improved during the year.”

And ZCCM-IH have expressed optimism in its outlook due to the prevailing high copper prices on the international market, which averaged over US $6,500 per tonne since last year.

“Outlook copper prices are expected to increase steadily premised on increased demand from high copper consumer countries. ZCCM-IH’s performance is expected to improve as a result of the increase in copper prices, which drive the performance of the mining portfolio.

Furthermore, as a result of good rains experienced during the 2016/17 season, the generation capacity of hydroelectricity is expected to improve, thereby, stabilising energy supply. In response to the positive outlook, ZCCM-IH will implement its new Strategic Plan hinged on expansion of its investment in various sectors of the economy,” stated ZCCM-IH.

ZCCM-IH further proposed that a final dividend of K0.84 per share be declared for the financial year ended March 31, 2017

13 COMMENTS

  1. All because of the work president Lungu is doing.

    The mines should pay appropriate tax which will be used by the Government ( like always) to invest back to building this country.

    A round of applause ladies and Gentlemen

    I have a PhD

    Thanks

    BB2014,2016

    • Memory of a flee

      April 25, 2017 at 7:19 pm
      The truth is zambia does not rely on copper anymore.

      We are great country that has evolved with time. There is no need to holding on the mines that are offering nothing.

      HH privatised them for a reason. They are not needed.

      What the country needs is another and continue building Mall, airports, monumental infrastructures such as we are seeing unprecedented I must add.

      Thanks
      Bb2014,2016
      ————-
      London Court orders KCM to pay ZCCM-IH $139 million
      January 2, 2018 at 7:09 pm
      I was born the Copperbelt and the place is backwards dirty and poor.

      This payment won’t help but….

      I think very less of anyone from there

      THAnks
      BB2014,2016

    • In 2016, Lungu almost stole ZCCM-IH for a joke of $100 million through an Israeli proxy called Sapir Capital.

      His 2016 trip to Israel which was primarily undertaken to seal the irregular deal. He even had the courage to visit Jesus’ tomb after stealing. The thunder that will strike Lungu is still doing press-ups.

      See google street-view photos of Sapir Capital offices on link below.

      wwwDOTlusakatimesDOTcom/2017/06/13/president-lungu-wants-remove-zccm-ih-ceo-savior-chishimba/

    • Someone and his minions did their damndest to stop ZCCM-IH from suing majority sharehoLders in some of these mining companies in London but Pius Kasolo was determined. Richard Sakala and his newspaper were enlisted to question Pius Kasolo’s loyalty by even accusing him of harbouring presidential ambitions. Now that the case has been won, the bastards (what else are they?) are quiet. Did you see how the govt papers on 1st June, 2018 gave low prominence to Financial Intelligence Centre revelations where the attorney general himself was officiating? This country is finished my friends.

    • What a joke. If one share of ZCCM IH can cost K38. What is a K0.84 per share to an investor.

  2. That payment has probably been chewed already by these koswe mompoto, I don’t think they even have the audacity to leave some change for us. Where is all this money going to because right now Students have not been paid their meal allowances and Times employees are waiting for their pay

    • What’s this got to do with Lazy Lungu who is in Solwezi drinking if he and his corrupt State House advisers (they ones really in charge) had their way they would have got rid of Pius Kasolo and handpicked their own crook …you people are simply tools who follow blindly without knowing where you are coming from; you forget that Lazy Lungu wanted to sale ZCCM IH to his mosad friends for a song and you are hear celebrating without shame.

  3. Its laughable reading through the thread and its clearly obvious that the average cadre is unable to read a balance sheet…its no surprise they are the selfsame people championing for creation of a national airline. ZCCM-IH needs to implement a portfolio simplification programme get rid of loss making entities like Ndola Lime Company Limited (NLC).

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