Zamcargo Declares First-Ever Dividend of K4.2 Million to IDC
Zamcargo, a freight forwarding and cargo handling firm wholly owned by the Industrial Development Corporation (IDC), has declared its first-ever dividend of K4.2 million to its shareholder. This historic milestone signals a turning point for the company, which has recorded significant operational and financial improvements over the past two years.
Speaking at the cheque presentation ceremony, IDC Chief Executive Officer Cornwell Muleya praised Zamcargo’s board and management for their performance and commitment to sustainable growth. “It’s a great pleasure to receive this return on the investment that Zambia has made through IDC, on behalf of the people,” he said, encouraging the company to stay on its current path.
Mr. Muleya emphasized that Zamcargo’s strategic turnaround aligns well with IDC’s broader mission to transform State-Owned Enterprises (SOEs) into profitable, accountable, and growth-driven entities. He commended the company’s progress toward meeting its financial targets and its commitment to delivering value for Zambia.
Zamcargo Board Vice Chairperson Muyunda Munyinda presented the dividend cheque and attributed the company’s success to governance reforms, improved internal controls, and strategic business development. He highlighted the board’s consistent efforts to empower management with the right skills and identify growth opportunities.
Founded in 2001 and headquartered in Dar-es-Salaam, Tanzania, Zamcargo was established to streamline Zambia’s import and export logistics by reducing costs and minimizing delays at the port. The company plays a critical role in conserving Zambia’s foreign currency reserves through efficient cargo handling.
As part of its new Strategic Plan, Zamcargo is expanding its regional footprint. The company is setting up a second depot in Tanzania and entering new markets such as Namibia, aiming to scale up its cargo handling capacity and enhance revenue growth.
This dividend declaration is not only a financial achievement but also a signal of the company’s transformation. Zamcargo’s performance offers a model for other SOEs on how strong governance, innovation, and accountability can translate into tangible national returns.
May 17, 2025
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