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Zambia Sugar shareholders to receive K76m


SHAREHOLDERS of Zambia Sugar Plc will receive a collective dividend worth K76 million following the increased revenue from K3.3 billion in 2020 to K4.9 billion this year. And immediate, past country managing director Rebecca Katowa attributed the impressive financial performance to the maximum utilisation of the domestic market due to restricted imports amid coronavirus. According to 2021 financial results released yesterday at the investors’ day, operating profit rose to K1.6 billion from K775 million last year. It stated that profit after tax for the year under review also increased from K235 million to K1.086 billion while earnings per share for the Lusaka Securities Exchange (LuSE) also rose from K0.74 to K3.43, with dividends further increasing to K0.84 from K0.24 last year. “The directors have recommended that a dividend of K0.84 (84 ngwee) share be paid for the financial year ending August 31, 2021. Dividends worth K75.9 million will be paid for the period under review (K25.3 million was for 2020) and therefore the dividend per share, calculated on a cash basis, is K0.24 (24 ngwee) per share while last year it was K0.08 [8 ngwee],” it stated. Taking a look back, Ms Katowa said operating costs reduced by over K500 million across the business during the past six years through various initiatives that contributed to cost saving and CLICK TO READ MORE