ZCCM-IH records K520m turnover
Published On December 24, 2013 » 2258 Views» By Times of Zambia » Business, Stories
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By MAIMBOLWA MULIKELELA -

Improved dividends from investee companies of ZCCM Investment Holdings (ZCCM-IH), have impacted positively on the group’s performance this year, recording a total turnover of K520 million compared to K257 million during the same period in 2012.

Group executive chairperson Willa Mung’omba said the company recorded a turnover of K520 million as at March 31, 2013, compared to K257 million and operating profits of K417 million compared to K367 million in 2012.

Mr Mung’omba said the group’s share of profits of equity for investees reduced to K222 million for the period under review as compared to K640 million in 2012.

Efforts to reposition and enhance efficiency had continued, adding that investment in Ndola Lime Company Limited had enhanced and was expected to improve production capacity of lime and the group’s business.

Other investee companies continued with their growth strategies premised on the prospect of recovery in global demand and improved investments in power projects intended to remove bottlenecks in electricity supply.

“Growth in output is expected in 2014-15 as investments continue in Lubambe Copper Mine Plc, Konkola Copper Mines Plc as well as First Quantum Minerals Limited’s new Trident Mine,” Mr Mung’omba said.

He, however, said ZCCM-IH remains confident about the fundamentals of the mining industry in general and those of copper in particular.

Mr Mung’omba said while continued volatility was expected in the short term, the long-term fundamentals for copper are expected to remain strong on the back of continued urbanisation in China, India, South East Asia and Africa.

He said the Zambian economy was expected to continue to grow at higher rates than most of the economies in Sub-Saharan Africa premised on increased execution of development projects, investment in transport infrastructure, private investment in existing and new mining operations, and power projects.

“ZCCM-IH is well positioned to maximise returns from its existing investments currently concentrated in copper mining, as well as pursuing value addition opportunities in other minerals and mining related projects,” Mr Mung’omba said.

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