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PCL declares K3.7 billion dividend

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By McDonald Chapalapata, contributor

Press Corporation limited plc has declared a total dividend of K3.7 billion to be shared among its shareholders in respect to profits for the year ending December 31 2020.

This came out during an annual general meeting the company held virtually on Friday.

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The amount translates into a dividend per share of K25 following payment of an interim dividend of K721.2 million in October 2020.

PCL Board Chairperson Randson Mwadiwa said the conglomerate delivered a satisfactory performance despite a challenging operating environment in the year due to effects of the Covid pandemic.

“Turnover from operations at K219.5 billion in 2020 was level with prior year. The group also achieved significant successes in controlling costs which are similar to last year’s despite the additional unplanned expenditures incurred in fighting the pandemic. Profit after tax for the year is K19.9 billion which is 13 percent lower than K22.9 billion recorded in prior year.

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“Most group companies have demonstrated remarkable flexibility and professionalism on how they adjusted their strategies to suit the new operating environment. With the availability of Covid vaccines, we envisage improved economic prospects for 2021 and delivery of planned and significantly improved results,” Mwadiwa said.

He, however, noted that prevailing foreign exchange shortages are likely to persist and this, together with the significant increase in public debt, poses a downside risk to the business environment.

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