TAZAMA grows stronger, declares K105.4m

TAZAMA Pipelines Limited has declared a dividend of over K105.4 million to Government following its strong financial performance for the year ending December 31, 2024.
Energy Minister Makozo Chikote announced that the company posted a net profit of K632.4 million, up from K538.2 million recorded the previous year.
Speaking during the dividend cheque handover ceremony in Lusaka yesterday, Mr Chikote said the impressive performance prompted the board to approve a dividend payout of K105, 406, 128, in line with the company’s two-thirds shareholding structure, which has been remitted to the Ministry of Finance and National Planning.
“This occasion is a demonstration of TAZAMA’s solid performance, transparency, and accountability, as well as our commitment to contributing to the national treasury and broader economic development.
This dividend reflects the success of ongoing reforms, prudent management and the hard work of our board, management, staff and stakeholders,” Mr Chikote said.
Receiving the cheque on behalf of the government, Finance and National Planning Minister Dr Situmbeko Musokotwane commended TAZAMA for its achievement and urged the company to prioritise upgrading its infrastructure, which was established many years ago.
He assured that the funds would be prudently utilised for the benefit of citizens.
“On behalf of the government, I congratulate the board and management of TAZAMA Pipelines for their dedication. This dividend is not just a financial return but also a mark of improved management and operational efficiency,” Dr Musokotwane said.
He reaffirmed the importance of the energy sector in driving economic activity, noting that the petroleum products transported from the port of Dar es Salaam, Tanzania through the TAZAMA Pipeline are critical in supporting the movement of goods and people, and fueling production.
Dr Musokotwane added that pipelines remained the most cost-effective means of transporting fuel compared to road, rail and air. “While pipeline infrastructure requires significant upfront investment, the long-term operating costs are considerably lower,” he said.