The ManicaPost
Ray Bande
Senior Reporter
STATE-OWNED timber producing concern Allied Timbers Zimbabwe (ATZ) has declared US$5 million dividend as the once ailing entity’s turnaround strategy bears fruit.
In his briefing to guest of honour President Emmerson Mnangagwa, who was represented by Minister of Defence and War Veterans Affairs, Oppah Muchinguri during the commissioning of state of the art ATZ machinery from the Republic of Belarus today at the company’s Mutare premises, Environment, Climate, Tourism and Hospitality Industry Minister, Mangaliso Ndlovu commended ATZ for declaring dividend after years of underperformance.
“ATZ continues to be on a growth trajectory despite several challenges, including Covid-19. Many of the programmes which you had set in motion before you (Minister Muchinguri) left have put the company on the right pedestal and is poised for growth.
“The company’s Financial performance for the year ending December 31, 2020 is more assuring of the turnaround. You may be pleased to note that ATZ has just declared a dividend of US$5 million and the cheque. This is a sign of a sustainable growth trajectory the company is now on,” said Minister Ndlovu.
In his keynote address, President Mnangagwa discouraged the invasion, destruction and change of plantation land use; saying “plantation land remains plantation land”.
ATZ recapitalisation started some years ago, culminating into today’s event when various timber industry equipment and machinery acquired through the Belarus Facility to the tune of US$7 million was commissioned.
