Armenia’s largest taxpayer, the Zangezur Copper-Molybdenum Combine (ZCMC), has announced the payment of annual dividends for 2023. The decision was made on December 5, 2024, at an extraordinary general meeting of the company’s shareholders.
According to ZCMC’s press service, the total amount of dividend payments will reach $380.9 million. The funds will be distributed among shareholders in proportion to their stakes in the company’s charter capital. The payments will be made from the company’s accumulated net profit, including retained earnings from previous years.
ZCMC, whose controlling stake is owned by Russian businessman Roman Trotsenko’s company, remains the country’s largest taxpayer, topping the list of Armenia’s top 1,000 taxpayers for the third consecutive year. In 2024, the company contributed approximately $255.6 million to the state budget, a 44% increase compared to the previous year.
Of this amount, $5.5 million came from customs duties, $75.7 million from direct taxes, including corporate income tax and personal income tax, and $6.8 million from indirect taxes, such as VAT and excise duties.
It is worth noting that the Armenian government, which became a ZCMC shareholder in 2021, also receives a share of the dividends. Last year, the company paid the state $83.3 million in dividends, providing additional budget revenue beyond tax contributions.
