TAZAMA DECLARES K9 MILLION DIVIDEND

TAZAMA pipeline limited has declared a dividend of K9 million with the Zambian government getting K6 million while their Tanzanian counterparts will get K3 million after the company made a profit of K 50.4 million for the first time in 0 years.

Board chairperson, Emeldah Chola attributed the revenue growth to improved output and prudent cost management measures that where put in place by the company in the year under revenue.

Brig general Emeldah Chola was speaking during the handover ceremony of the dividend to the Zambian government held in Lusaka yesterday.

She noted that the growth indicates a 104 percent growth from the year 2016.

“Our 2017 results demonstrate both the strength and the potential Tazama pipeline limited. A large increase in reported profit before tax reflects a healthy business and the non recurrence of the loss from 2016.

³<ou "You may wish to know that this is the first time that TAZAMA pipelines limited has declared a dividend in 50 years of operation. Therefore this is a historic moment that marks the transformation of Tazama business model from service provision to profit making,´ she said.

And minister of Finance Margret Mwanakatwe has challenged parastatals to emulate Tazama which is owned by the Zambian and Tanzanian governments.

The minister said the government looks forward to a time when all state owned companies would EecoPe profitaEle.

“As government we look forward to a time when parastatals will all be giving us dividend and stop depending on the treasury to always inject capital for their operations.