In accordance with the requirements of the Securities Act No. 41 of 2016 and the Listings Rules of the Lusaka Securities Exchange, ZCCM Investments Holdings Plc (“ZCCM-IH Plc”) announces its unaudited annual financial statements for the year ended 31 March 2018.
- The Group reported a profit of K975 million (2017: K 729 million) representing 33% increase, driven by improved production volumes of copper in most of ZCCM-IH’s investee companies and an upsurge in copper prices during the year. London Metal Exchange copper price increased by 14.8% to US$ 6,724/ton (2017: US$5,858/ton) during the year.
- The Group recorded an operating loss of K130 million (2017: profit K848 million) mainly due to Ndola Lime Company Limited’s (Subsidiary) continued loss-making position, which contributed an operating loss of K167 million (2017: K1,152 million) during the year. Additionally, the impairment of the investment in Konkola Copper Mines Plc amounting to K218 million increased the recorded operating loss during the year.
- The Group recorded a positive share of profit from equity accounted investee companies of K 689 million (2017: loss K 189 million). This movement represents 464% increase.
- Profit after tax was K 975 million (2017: K 729 million).
- The Group’s total assets increased by 13% from K9, 579 million (2017) to K10, 865 million (2018) on account of increase in the net assets of investee companies whose performance continued to improve during the year.