Dividend Power: Crested Capital Names the Black Diamonds of the USE at HI2025

Crested Capital has released its mid-year report card on the performance of local counters on the Uganda Securities Exchange (USE), highlighting the stocks delivering the highest total shareholder returns (TSR) in the first half of 2025.

According to the brokerage, its “Black Diamonds” are USE-listed counters that post TSRs above 25% over a defined review period. The latest list covers January 2 to April 4, 2025, and is compiled from market prices, dividend yields, and company disclosures.

The current Black Diamond line-up features Bank of Baroda Uganda, Umeme Limited, Airtel Uganda, Cipla Quality Chemical Industries, and Stanbic Uganda Holdings.

Bank of Baroda led the pack with a 52.81% capital gain and a 4% dividend, delivering a 70.79% TSR—the highest on the list.

Umeme Limited returned 53.49%, driven almost entirely by dividend power after the power distributor declared an interim payout of UGX 222 per share, the highest yield on the market at mid-year.

Airtel Uganda posted a 37.93% capital gain and an 9.15% yield, totalling a 51.52% TSR, while Cipla Quality Chemicals recorded a 40.16% gain plus a 6% dividend for a 49.61% TSR.

Stanbic Uganda Holdings rounded out the group with a 20.97% capital gain and 5.86% yield, achieving a 35.90% TSR.

Outside the Black Diamond list, dfcu Limited remains on Crested’s watch list with a 21.37% TSR, while MTN Uganda, NIC Holdings, British American Tobacco Uganda, and New Vision all posted mixed returns, with Uganda Clays registering the steepest loss of 27.78%.

Crested Capital noted that the share price performance of the top counters has been dividend-driven, with Bank of Baroda’s rally being the most pronounced among locally listed stocks.

The firm also anticipates more interim dividend announcements by August as companies release their half-year financials.

“With Umeme’s interim dividend declaration, the power distributor returns the most yield at 1H2025. We anticipate that more interim dividends will be proposed as companies release H1 2025 financials by August,” Crested Capital stated in its LinkedIn post.

The brokerage’s analysis shows that dividend yields, capital appreciation, and investor confidence are combining to reward shareholders handsomely in select counters, even as others lag or remain flat.