By Cecilia Chiluba 
Mulungushi International Conference Centre Limited (MICCL) has declared its first-ever dividend of K8.3 million to the Industrial Development Corporation (IDC), its shareholder.
The dividend declaration follows a strong financial performance in the 2023 financial year, driven by strategic improvements and increased market demand.
According to IDC, the 2023 financial year was marked by significant progress, with Mulungushi International Conference Centre Limited recording a 79% increase in revenue compared to the previous year.
The company reported a net profit after tax of K23.714 million, representing a 35% growth from K17.526 million in the previous year.
Its revenue rose sharply to K102.551 million, from K57.230 million, driven primarily by increased demand in conferencing, food and beverage, and outside catering services.
Centre Board Chairperson, Leah Kooma, attributed the achievement to the IDC’s support and the Board’s commitment to sustainable growth.
Ms. Kooma emphasized the impact of strategic investments, robust stakeholder engagement, and operational efficiency as key drivers of the Centre’s strong performance.
“I commended the dedication of both the Board and management in executing the company’s strategic plan, while maintaining a consistent focus on delivering premium conferencing and catering services to corporate and individual clients alike,” Ms. Kooma stated.
And IDC Board Member Dr. Windu Matoka expressed appreciation for the hard work and commitment demonstrated by the Center’s Board and Management team.
“We commend the Board and management for this huge milestone. We encourage you to build on this momentum and continue driving the company’s growth and long-term success in order to contribute positively to the National Gross Domestic Product,” Dr. Matoka said.
MICCL now joins ZAMCARGO, another IDC subsidiary, in declaring a first-ever dividend this year.
In line with its strategy to enhance operational efficiency, the Centre continued to outsource non-core services including gardening, security, and housekeeping, resulting in estimated cost savings of over 81%.
IDC reports that this approach has enabled the company to concentrate resources on its core business functions, ensuring consistent delivery of high-quality services to clients across Zambia.
Joseph Tembo