Uganda’s Quality Chemicals announces interim dividend for shareholders

Summary:

  • Quality Chemical Industries Limited (QCIL) in Uganda announces an interim dividend of sh1.6 per share for shareholders, citing strong financials and optimistic outlook. The dividend record date is February 29, 2024, with payments expected by March 15, 2024. Previously, QCIL paid a final dividend of sh2.5 per share for FY2023.

Quality Chemical Industries Limited (QCIL) has declared an interim dividend of sh1.6 per share for its shareholders.

The company attributed its decision to declare the dividend to the presence of retained earnings, a robust cash flow position, and optimistic forecasts for future performance, according to a statement released.

The record date for the dividend has been set for February 29, 2024, with payment scheduled to be disbursed to shareholders by March 15, 2024.

Previously, the drug manufacturer paid a final dividend totaling sh9.1b or sh2.5 per share on September 28, 2023, for the fiscal year ending FY2023.

In 2023, Africa Capitalworks SSA 3 completed the acquisition of 1,869,170,684 ordinary shares, representing a 51.18% stake in Cipla Quality Chemical Industries Limited from Cipla (EU) Limited and Meditab Holdings Limited for $25m on November 14, 2023.

Following the acquisition, management opted to change the company’s name from Cipla Quality Chemical Industries Limited to Quality Chemical Industries Limited (QCIL).

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