By 
By Ross Moyo
Mutapa Investment Fund is relishing and basking in the glory of one of its successful turnarounds of the National Oil Company of Zimbabwe which declared a USD $10,9 Million Dividend to the Fund where the State entity falls under.
Representing Mutapa boss, Chief Executive Officer Dr John Panonetsa Mangudya, the MIF deputy chief investment officer, Enerst Denhere, received the dividend on behalf of the Fund and said the vital dividend was testimony of good results in a trading year by all the entities under Mutapa which include State Telcos TelOne, NetOne, POSB, Telecel and others which have turned around once under Mutapa.
“We at Mutapa Investment accept and appreciate this dividend which represents about 30 percent of the total profits that the NOIC has declared to us, thus testimony of good performance in all the matrices in terms of volumes that speaks to the financial performance in the period under review.
“It was pleasing to have a significant dividend,” he said.
National Oil Infrastructure Company of Zimbabwe (NOIC) declared dividend of nearly US$10,9 million to Mutapa Investment Fund (MIF) after a year of extraordinary performance in product sales and NOIC is among 22 Government parastatals that are under the Mutapa Fund.
NOIC board chairman Air Vice Marshal (Retired) Innocent Chiganze said the dividend declaration was a result of a solid performance by the company in the period under review.
“After successful deliberations in the meeting, we are happy to have declared a dividend, and we are going to be declaring more as performance will be enhanced by increased trade,” he said.
The Air Vice Marshal (Rtd) Chiganze said the Mutapa Fund is generational, for the current and future generations, aimed at having a long-term stabilisation effect in macro-economy.
The Shareholders noted that the growth in revenue is testament to the company’s effective strategies and operational efficiency.
“The National Oil Infrastructure Company (NOIC) has reported an impressive performance across various key areas, underscoring its commitment to growth, innovation, and sustainable development. “Financially, the company achieved remarkable growth, with total revenue increasing by 87,8 percent to ZiG8,1 billion compared to ZiG4,3 billion in the prior year,” reads the statement.
The company’s strong performance was also attributed to its good corporate governance practices, with a culture rooted in accountability, respect, efficiency, ethics and values.
NOIC board and CEO signed annual performance contracts, as part of their commitment to good corporate governance with Office of the Auditor General issuing a clean bill of health on NOIC’s financial statements.
The attained record-breaking 2,3 billion litres during the year, surpassed all previous years following the pipeline upgrade project that also bolstered regional trade.
“The company is set to pump a total of 2,7 billion litres this year, driven by the capacity increase to 3 billion litres and continual process optimisation.
“The pipeline capacity upgrade project, which aims to increase fuel infrastructure in Zimbabwe and bolster regional trade ties, is a significant milestone in the company’s growth trajectory,” said the shareholders.
This pipeline project is being implemented in phases, with the second phase underway to ramp up the pumping capacity to 5 billion litres over the next two years.
NOIC’s transit volumes performance has also been notable, with a significant increase in transit volumes to 528 million litres in 2024, driven by increased product pumping for the domestic market and regional hinterland markets.
NOIC’s dedication to establishing Harare as a fuel distribution hub in the Southern African region by 2025 is evident in its efforts to facilitate the transportation of fuel for traders intending to supply other SADC countries.
NOIC exceeded budget by 16,3 percent with 698 tonnes sold against a target of 600 tonnes for the year ending December 31, 2024 in the LPG segment.
Expansion of the distribution network and investment in infrastructure, including 20-tonne LPG tanks in five major cities, aims to increase access to clean, affordable energy across the country have led to milestones in this sector.
Mutapa Investment Fund (MIF) holds shares in a diverse portfolio of Zimbabwean state-owned enterprises (SOEs) and strategic investments. Key entities include ZESA Holdings (the national electricity supplier), its Subsidiaries Powertel, Zim, the National Railways of Zimbabwe, Kuvimba Mining House, and the People’s Own Savings Bank (POSB). Other entities include Air Zimbabwe, TelOne, Cottco, Defold Mine, and Fidelity Gold Refinery.
The fund was established in 2015 as the Sovereign Wealth Fund of Zimbabwe and later renamed Mutapa Investment Fund in 2023. It now manages a significant portfolio of over 66 entities, both wholly and partially owned by the Zimbabwean government.
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