Dividend income is a central component of total returns on the Bolsa de Divida e Valores de Angola (BODIVA), where capital gains can be constrained by thin liquidity and narrow float. The Calendario de Dividendos tracks declaration dates, ex-dividend dates, record dates, and payment dates for all five BODIVA-listed companies, giving income-oriented investors the information they need to structure positions around the payout cycle.

The Dividend Landscape on BODIVA

Angola’s equity market is still maturing. With only five listed companies, a combined market capitalisation near $3.37 billion, and 10,328 total transactions recorded in 2024, BODIVA does not yet exhibit the deep secondary-market liquidity that characterises more developed African exchanges. In this environment, dividends function as the primary cash-return mechanism for equity holders. Share-price appreciation, while possible, is difficult to realise at scale given order-book depth. The dividend yield therefore becomes a critical valuation anchor – particularly when benchmarked against the Banco Nacional de Angola (BNA) policy rate of 17.5% and prevailing yields on Obrigacoes do Tesouro (treasury bonds).

Company-by-Company Dividend Profiles

Banco Angolano de Investimentos (BAI). As Angola’s largest bank by assets, BAI has an established dividend track record. Shares trade near Kz 100,500, and the bank’s payout ratio has historically reflected a balance between shareholder returns and the need to build capital buffers in line with BNA prudential requirements. Dividends are declared at the Assembleia Geral Ordinaria (AGO, annual general meeting), typically held in the first half of the year following the reporting period. Payment follows within a prescribed window after the AGO. BAI’s dividend quantum is sensitive to net profit (driven by net interest margin, loan-loss provisions, and treasury-portfolio gains), the capital-adequacy ratio, and any BNA guidance on dividend restrictions. The research team models BAI’s payout capacity annually and publishes a pre-AGO dividend estimate.

Banco de Fomento Angola (BFA). Trading near Kz 118,000, BFA has historically delivered among the highest dividend yields on BODIVA. The bank’s Portuguese shareholder base places emphasis on repatriation of earnings, which supports a relatively generous payout ratio when profitability permits. BFA’s AGO follows a similar first-half calendar, and dividend payment mechanics mirror the BODIVA standard process. Key variables affecting BFA’s dividend include the kwanza exchange rate (914.60 AOA/USD), which influences the dollar-equivalent value of kwanza dividends for foreign holders, and the BNA’s stance on banking-sector capital adequacy.

Banco Caixa Geral Angola (BCGA). As a subsidiary of Caixa Geral de Depositos, BCGA’s dividend policy is influenced by both local regulatory requirements and the parent group’s capital-allocation framework. Payout ratios may differ from independently owned banks, reflecting intra-group capital movements. BCGA’s AGO and payment schedule align with the standard BODIVA calendar, with declarations typically in the second quarter.

ENSA Seguros de Angola. Angola’s leading insurer by premium volume, ENSA’s dividend capacity is a function of underwriting profitability, investment returns on its reserve portfolio, and solvency-margin requirements set by the Agencia Angolana de Regulacao e Supervisao de Seguros (ARSEG, the insurance regulator). Insurance companies tend to carry different payout dynamics than banks, as reserving requirements can constrain distributable profits even in profitable years. ENSA’s dividend history is tracked on its company profile page.

BODIVA. The exchange’s self-listing means its dividend is a direct reflection of market activity. Revenue is driven by transaction fees, listing fees, and data-service income, all of which scale with the volume and value of trading activity. The 10,328 transactions in 2024 provide the revenue base, and the research team projects BODIVA’s payout based on published fee schedules and the forward-looking trading-activity estimate embedded in the quarterly outlook.

Dividend Mechanics on BODIVA

The dividend process on BODIVA follows a regulated sequence. The company’s board proposes a dividend, which is approved at the AGO. Following approval, BODIVA publishes the ex-dividend date, record date, and payment date through its Sistema de Difusao de Informacao (information-disclosure system). Shares purchased on or after the ex-dividend date do not carry the right to the upcoming payment. Payment is made in kwanza through the central securities depository (Central de Valores Mobiliarios de Angola, CEVAMA) to accounts held at authorised custodians.

For non-resident investors, dividend payments are subject to withholding tax under Angolan tax law. The applicable rate and any treaty relief depend on the investor’s jurisdiction of residence. The tax regulation section provides current withholding-rate schedules.

Dividend Yield Analysis

The research team publishes a quarterly dividend-yield table comparing the trailing and forward yields of each BODIVA equity against three benchmarks: the BNA policy rate (17.5%), the 5-year OTNR yield, and the inflation rate (15.7% year-on-year). This comparison frames the equity-income opportunity within the broader Angolan yield environment. When bank-stock dividend yields approach or exceed government bond yields on a risk-adjusted basis, the signal can indicate either an attractive entry point or elevated market concern about future profitability – a distinction the accompanying analysis aims to clarify.

How to Use This Calendar

Each entry includes the company name, the fiscal year to which the dividend relates, the declared amount per share (once announced), the ex-dividend date, the record date, and the payment date. Entries move through four stages: estimated (based on the research team’s forecast), proposed (board recommendation published), approved (AGO vote confirmed), and paid. Subscribers receive email alerts at each stage transition. The calendar integrates with the earnings calendar and the broader economic calendar, enabling users to view dividend dates alongside earnings releases and macro events in a unified timeline.

Forward Estimates

For each company, the research team publishes a forward dividend estimate based on the current earnings forecast, the historical payout ratio, and any known regulatory constraints. These estimates are updated after each earnings release and after any BNA communication regarding banking-sector capital requirements. The estimates are clearly labelled as forecasts and distinguished from confirmed declarations. The dividend calculator tool allows users to model total-return scenarios under different payout assumptions.