In accordance with the requirements of the Securities and Exchange Act No. 41 of 2016, Engineering Institution of Zambia Plc (“EIZ” or “the Company”) announces its results for the year ended 31 December 2022
Strategic Progress Summary
• The Company will continue pursuing its capital raise project with a view of empowering engineering professionals across the country.
• Successful completion of the construction project of the Engineering Park at Plot No. 2374 located in the showgrounds area in the first quarter of 2022.
• The property was at approximately 92% completion at the end of 2021.
Key Financial Highlights
• The Companies investement into the engineering house construction project increased to K97,848,714 in 2022 from K85,202,096 in 2021.
Performance Overview
• The Company did not trade during the period under review. The major activity undertaken during the year ended 31st December, 2022 was the Work-in-Progress in the capital investment in the Engineering Park being developed at Plot No. 2374 in the Showgrounds area.
• The construction work on the HQ project has progressed well and has reached an advanced stage. The contractor progressed well with the installation of the finishes and external civil works. The construction of the building is expected to be completed in the first quarter of 2023.
• The institution settled all this financial commitements on the project and as at 31st December, 2022 all payments to the main contractor, sub-contractor and Consulting Engineers were paid and up to date with a total of K 97,848,714 compared to K 85,202,096 in 2021.
Leadership Succession
During the period under review, no directors retired, four directors will be retiring and replaced at the 8th AGM on 31st March, 2023.
The current Board Chairman is Eng. London Mwafulilwa
