HARARE — Mutapa Gold Resources has declared a US$35 million dividend to shareholders after posting strong profits driven by higher gold prices and solid production over the past nine months.

The board announced the payout last week. It represents 50% of the US$70 million after-tax profit recorded for the nine months to Dec 31, 2025.

Mutapa Gold Resources operates under the Mutapa Investment Fund. The fund was formed from the restructuring of the former Kuvimba Group of Companies.

Speaking to stakeholders in Harare, Chief Executive Officer Patrick Maseva Shayawabaya said the company benefited from increased output and a buoyant gold market.

“While we did produce kilograms and ounces, our financial performance was greatly assisted by a gold market that has been bullish for the past four years. The gold price can fly, but if you don’t produce, you don’t benefit from it,” Shayawabaya said.

He said production helped the company record revenue of US$271 million for the nine months to December 2025. For the three months to March 31, 2026, turnover rose to US$144 million.

Profitability was also strong. Gross profit margin stood at 60% for the nine-month period and 74% for the March quarter.

Earnings before interest, taxes, depreciation and amortisation were US$126 million for the nine months to December and US$88 million for the quarter to March. Profit before tax was US$99 million for the nine months and US$78 million for the quarter. After tax, profit was US$70 million and US$64 million, respectively.

The US$35 million dividend reflects a 50% payout ratio. “Shareholders invest money to make money, so as a management team, we have got to deliver,” Shayawabaya said.

Mutapa Investment Fund CEO Dr John Mangudya welcomed the results and said they show the benefits of splitting the former Kuvimba Group into focused entities for gold, base metals and energy.

“We are very pleased by the performance and the declaration of a US$35 million dividend. It is very commendable,” Mangudya told the media after the event.

He credited the board and management for delivering results post-restructuring, noting the new companies are focused on efficiency and profitability. Mangudya added that Mutapa Gold has aligned its financial year to the calendar year, from January to December, to improve reporting and planning.

He also pointed to ongoing exploration and resource definition work at Mutapa Gold. “The new developments are very positive because we need to define the resources underground, which will sustain future operations,” he said.

Mangudya said the timing is favorable given rising international gold prices. The resources, he noted, will support Mutapa Gold and other companies within the Mutapa group.

Zimbabwe’s gold sector is also benefiting broadly. Reserve Bank of Zimbabwe data shows gold revenue inflows for the first four months of 2026 jumped to US$1.2 billion, more than double the US$579 million recorded in the same period last year. The increase reflects strong industrial capacity and higher global bullion prices.

With dividends flowing, profits rising, and exploration underway, Mutapa Gold Resources is positioning itself to benefit from the current gold cycle while building for future production.