Kampala. Profitability by some companies in 2014 has meant that they can still pay a considerable amount to their shareholders. The listed companies disclose the size of their dividends and top shareholders.
All listed companies have published their financial statements, with some releasing annual reports, including the list of the top 10 shareholders.
Ranked as the richest Ugandan by the Forbes Magazine, Mr Sudhir Ruparelia, the chairman of the Ruparelia Group, tops the list of top individual earners for his investments in various companies.
In 2015, Sudhir will earn Shs746.8m from his shareholding in National Insurance Corporation, Stanbic Bank and Bank of Baroda. He is the third largest shareholder in each of these companies. Notably, he is also the single largest individual shareholder in the three companies.
His highest earning comes from Stanbic Bank, where he holds 330,723,247 shares valued at Shs11bn, giving him a 0.65 per cent in Uganda’s largest bank. Stanbic Bank made a net profit after tax of Shs135b, up from Shs101.8b in 2013. On its profit, Stanbic declared Shs1.66 dividend per share, giving the real estate investor, hotelier and banker Shs549m return. His dividend earnings from Bank of Baroda (BOBU) and National Insurance Corporation also increased.
There are eight locally listed companies on the USE, Bank of Baroda, Uganda Clays, NIC Holdings, Stanbic Bank, Dfcu, Umeme, Vision Group and British American Tobacco.
Mr Patrick Bitature comes in second place for a single investment. He is the single largest retail shareholder in Umeme, the power distribution company. In disclosures of Umeme’s 2014 annual report, Bitature who is the chairman Umeme, holds a 1.25 per cent stake in the company valued at Shs9.5b going by the current share price of Shs480.
His dividend payment for 2015 will be Shs394.5m.Bitature increased his stake in Umeme, pushing up his dividend earnings to almost double in 2014. In 2013, he had at least 0.30 per cent holding in the company. Going by the top 10 shareholders in Umeme, Bitature misses the cut by just 0.05 percentage points. Umeme is the only listed company, where at least every member of the board holds some shares in the company. On top of their perks, board members, management and members of staff hold at least 4.2 per cent of shares in Umeme.
The utility company made a profit of Shs70b in 2014, down from Shs84b in 2013, which is attributed to losses as a result of the depreciating Shilling.
Former Umeme managing director Charles Chapman will get Shs200.7m in dividends. He is followed by Mr Sam Zimbe (Shs71.3m), Late Ivan Kyayonka (Shs62.3m), Mr Selestino Babungi (Shs52.6m) and Ms Florence Nsubuga (Shs44m), respectively.
Other big earners
Rivalling Bitature and Sudhir is Mr Ibrahim Kironde Kabanda. Kironde is the second largest retail stockholder in Stanbic Bank with shares valued at Shs6.7b. Going by the dividend declared by the bank, the former Uganda Revenue Authority chairman is set to earn at least Shs337m.
He is also a serial investor with a diversified portfolio in real estate in East Africa including some lucrative land deals in Kenya.
With the exception of Bitature, Sudhir, Chapman and Kironde, there is no other individual investor that will earn above Shs100m.
The firm with shares in eight listed firms
Holding assets of more than Shs5 trillion, the National Social Security Fund has shares in six of the eight listed companies. NIC and British American Tobacco are the only company NSSF has no stake in.
In these six companies, NSSF holds shares valued at Shs227.5b. For its stake in the various companies, NSSF will receive dividend cheques worth Shs7b. The bulk of this is as a result of the increased stake in Umeme from 8 per cent to 14 per cent.
This transaction took place in 2014. From Umeme alone, NSSF is set to earn Shs4.5b. The only struggling stock NSSF holds is Uganda Clays that has not declared a dividend in the last six years.
All these dividend earnings are subject to withholding, deductible before a cheque is delivered.