Cipla Quality Chemical Industries Limited, has announced that it will pay dividends in 4 years since it was listed on the Uganda Stock exchange.
In the results for the financial year ending March 31, 2022, Cipla posted a profit after tax of Sh 24B, up from a loss of Sh11B in the previous year.
The directors did not recommend the payment of a dividend to shareholders following a dismal financial performance despite registering growth in sales by 48% from Sh192.7B in FY 2019-20 to Sh284.5 in FY 2020-21.
“Based on our performance, the Board has agreed to recommend a dividend of Ushs. 2 per share to shareholders for approval. This is the 1st time since listing that the Company shall be paying dividends. The Board is confident that with better performance, the Company will continually pay dividends and provide returns to its shareholders. “I look forward to seeing what our Company accomplishes by continuing to live our purpose “caring for life”.
The past years have reinforced the power of a common purpose which will continue to guide us into the next year and be our drive to do whatever we can to make a difference in addressing the most pressing needs of society. We will continue to collaborate with our regulators and the Government to ensure that we play our role in producing lifesaving medicines.
We are confident that with a broader product portfolio, we shall be able to meet the needs of our stakeholders through provision of life-saving medicines and ensuring a decent return to shareholders. On behalf of the Board of Directors, I extend my sincere gratitude to the shareholders for their continued trust and support.
I wish to thank the Government of Uganda, our regulators, customers, partners and any other stakeholders for their unending support. I also extend my sincere gratitude to the management and staff for their resilience, hard work and dedication. Even at the heart of the Covid-19 pandemic, our plant continued to operate optimally, thanks to your passion and commitment to what we do. I express my gratitude to my colleagues on the Board for their diligence, leadership and guidance.
We believe that if we remain committed to our purpose ‘caring for life’, we shall build a business that will provide value to stakeholders and play a pivotal role in ensuring access to effective and affordable medicine. The future is bright if we remain rooted in our collective purpose.” Mr. Emmanuel Katongole, Chair of the Board of Directors – CiplaQCIL