By Jeoffrey Ncube
Mutapa Gold Resources, one of the mineral entities under the Mutapa Investment Fund, has declared a US$35 million dividend to its shareholders.
Addressing stakeholders in the capital today, Mutapa Gold Resources Chief Executive Officer Patrick Maseva Shayawabaya revealed that the entity recorded revenue turnover of US$271 million for the nine months to December 2025.
“Whilst we did produce kilogrammes and ounces, our financial performance was greatly assisted by a gold market that was bullish, or has been bullish, for the past four or so years. The gold price can fly, but if you don’t produce, you don’t benefit from it.
“So, to that extent, the ounces that we produced enabled us, for the nine months to December 2025, to record a revenue turnover of US$271 million. Then, for the three months to March 2026, the turnover for that period was US$144 million. We had a gross profit margin of 60% for the nine months and 74% for the three months to March,” he said.
He added that Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the nine months to December stood at US$126 million.
“There is a number that is described as EBITDA for the accountants. That number for the nine months to December was US$126 million, and for the three months to March, it was US$88 million.
“In terms of profit before tax, for the nine months it was US$99 million, and for the three months to March it was US$78 million. Profit after tax for the two periods was US$70 million and US$64 million respectively,” he added.
According to Shayawabaya, the dividend was paid last week.
“What the Mutapa Gold Resources Board then did last week when the board met was to declare a dividend of US$35 million.
“In other words, half of the US$70 million that we made as profit after tax was declared as a dividend.
“Shareholders invest money to make money, so as a management team, we have got to deliver,” he said.
Speaking to the media after the event, Mutapa Investment Fund Chief Executive Officer Dr John Mangudya said they are expecting more positive results from the gold entity as it takes advantage of rising international gold prices.
“We are very pleased by the performance and the declaration of a dividend of US$35 million in total.
“It is very commendable, so we are very happy. To the board and management, these are some of the fruits being realised after the restructuring of the former Kuvimba Group of Companies.
“The vertical companies that we produced, being gold, base metals and energy resources, are basically focusing on efficiency and profitability. Obviously, shareholder value is reflected through dividends, and therefore we are very happy with the performance that the chairman and his team have delivered over the past nine months.
“As we have heard, they have now changed their financial year to align with the calendar year, running from January to December.
“So we are expecting more good things to come from the gold business. We are also taking advantage of the increase in the gold price. The new developments being undertaken by Mutapa Gold Resources are very positive because we need to develop more and undertake exploration so that we can define the resources underground, which will be used to sustain future operations.
“This is coming at the right time, and the resources generated will not only be used by Mutapa Gold Resources but will also support the upliftment of other companies within the group,” he said.
Zimbabwe’s gold revenue more than doubled year-on-year during the first four months of 2026, driven by a combination of resilient industrial capacity and strong global prices.
According to the latest data from the Reserve Bank of Zimbabwe (RBZ), revenue inflows for the first four months of 2026 jumped to US$1.2 billion, up from approximately US$579 million realised during the same period last year.
