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Monday, January 30, 2023
HomeBusinessInnscor Fetes Employees With US$ 450K Dividend Windfall

Innscor Fetes Employees With US$ 450K Dividend Windfall

ZSE-Listed manufacturing group, Innscor Africa Limited has handed over US$ 453 588 to the Innscor Africa Employee Share Trust after posting ZW$ 53.7 billion inflation adjusted profit for the financial year ended June 2022.

Innscor group owns brands such as National Foods, Irvine’s, Colcom, AMP, Probrands, Natpak and Mill Bake among others.

Speaking at the dividend handover ceremony in Harare today, Group Chairman Addington Chinake said this was the first US dollar denominated dividend to the Trust since the reintroduction of the multi-currency system in 2019.

“Significantly the Trust dividend payouts have grown as the company’s profitability has risen. Since 2015 the Trust has paid out an estimated US$ 3 million in dividends. This amount has steadily risen to a record US$ 543 588 in this financial year ended June 2022 this represents an increase of 189% on the 2019 dividend which was US$ 236 000,”

“The company has a dividend yield of 4% which confirms that our business is on a healthy trajectory. It is my pleasure to present our first USD dividend payout since the reintroduction of the multi currency in 2019.”

The Innscor Africa Employee Share Trust private limited was set up in December 2014 after an agreement with the board that the group would fund the Trust company over 10 years through payments made by way of an ex gratia dividend representing a maximum of 5 percent of dividend paid to ordinary shareholders of Innscor Africa.

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The Trust offers Innscor employees loans on generous terms for various projects.

“Each and every employee of Innscor has contributed in one way or another to the record achievements of the company. You are the pillar that has made it a strong organization.

“I would like to express a special thanks to all of you for having stood with the company during the Covid period. It is only because of the dedication and bravery that the Innscor group companies continue to operate the board is very thankful to that,’ said Chinake.

The group expects profits to continue soaring in the 2023 financial year after its 2023 first quarter trading update revealed that volumes were ahead of comparable period last year.

A strategic priority for the Group is to ensure businesses continue to generate strong operating cash flow to support the ambitious capital expenditure programs, amounting to USD 56 million during the current financial year.

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