Chinese tiles manufacturing firm in Zambia records strong financial performance amid COVID-19

2021-06-08 14:55:31 GMT2021-06-08 22:55:31(Beijing Time) Xinhua English

LUSAKA, June 8 (Xinhua) -- Marcopolo Tiles Company Limited, a Chinese tiles manufacturing firm based in Lusaka, the capital of Zambia, has posted strong financial performance despite the COVID-19 pandemic thanks to the company's phased approach for development.

Roy Mwamba, acting chief executive officer of Marcopolo Tiles, on Monday presented a cheque of 72 million Zambian Kwacha (about 3.19 million U.S. dollars) as dividend for the financial year 2020 to Zambia's state-owned Industrial Development Corporation (IDC), which owns 22.61 percent of Marcopolo Tiles stake, at a ceremony held in Lusaka.

Mwamba in his speech attributed the his company's success to the phased approach that the company has taken to assert itself as a strategic investor in Zambia.

While receiving the dividend cheque, IDC Chief Executive Officer Mateyo Kaluba commended Marcopolo Tiles Co. Ltd for delivering a strong performance in 2020 despite difficulties arising from the COVID-19 pandemic.

He said IDC was happy that Marcopolo Tiles did not allow the pandemic to prevent it from growing, noting that IDC was happy to be part of the strategic investment that has created about 700 jobs and a new value chain in the manufacturing sector.

The investment has positioned Zambia from an importer of tiles to a regional exporter, Kaluba added.

Marcopolo Tiles was incorporated in Zambia in 2016 and commenced operations in 2017. In August last year, the IDC acquired 22.61 percent of the firm's stake, while the National Pension Authority acquired 16.39 percent with the Workers' Compensation Fund Control Board getting 10 percent.

According to Mwamba, Marcopolo Tiles is currently operating at phase three of development, with phase four expected to commence in August this year. Phase-four development of Marcopolo Tiles will involve the production of sanitary ware which will be the first in Zambia and the southern African region. The company also plans to start producing high dimension tiles which are currently only manufactured in East Asia and Europe. Enditem

| PRINT | RSS