CBZ Holdings declares $1.8m dividend

LISTED financial group, CBZ Holdings, has declared a $1.8 million dividend for the year ended December 31, 2017 payable in respect of all ordinary shares of the company.

The group’s legal corporate secretary, Ms Rumbidzayi Jakanani, said the dividend would be payable in full to all shareholders of the company registered at the close of business on May 4, 2018.

“Notice is hereby given that the board declared a final dividend of $1.8m (0.25658 cents per share) for the year ended December 31, 2017.

“The payment of the dividend will take place on or about May 11, 2018. The applicable shareholder’s tax will be deducted from the gross dividends,” she said.

Declaration of the $1.8 million dividend is in line with the group’s dividend growth policy and taking into cognisance the need for prudent capitalisation and liquidity management.

Ms Jakanani said the shares of the company would be traded cum-dividend on the Zimbabwe Stock Exchange up to the market day of April 30, 2018 and ex-dividend as from May 2, 2018. In the full year period, the group’s profit after tax increased to $27.8 million from $23.8 million in 2016.

The group’s total assets during the period under review also improved to $2.2 billion reflecting a 4.8 percent increase from $2.1 billion as at December 31, 2016.

As a result of a good performance during the year ended December 31, 2017, CBZ Holdings continued to invest in its subsidiaries investing $52.6 million in different projects up from $51.5 million in 2016.

In 2016, the financial services group announced that it was scouting for investment opportunities in the region as it sought to diversify its outcome in the face of growing headwinds in the local operating environment.

In the financial statement for the year ended December 31, 2017, CBZ Holding chairman, Mr Noah Matimba, said his organisation will in the short to medium term place emphasis on productivity enhancements while exploring opportunities for growth in its various business value streams.