Quality Chemical Industries Limited (QCIL) has declared an interim dividend of sh1.6 per share to shareholders.

The decision to declare dividend was attributed to the availability of retained earnings, a resilient cash flow position, and optimistic forecasts for future performance, the company said in a statement.

The record date for the dividend has been set for February 29, 2024, with payment scheduled to be made to shareholders by March 15, 2024.

The drug manufacturer paid a final dividend totaling to sh9.1b or sh2.5 per share on September 28, 2023 for the period ending FY2023.

In 2023, Africa Capitalworks SSA 3 completed the acquisition of 1,869,170,684 ordinary shares or 51.18% stake in Cipla Quality Chemical Industries Limited from Cipla (EU) Limited and Meditab Holdings Limited for $25m on November 14, 2023.

The transaction led to a name change by management from Cipla Quality Chemical Industries Limited to Quality Chemical Industries Limited (QCIL).