2024 Annual Report
2024 Annual Report
The Group’s Net Property Income increased by 62% to US$4,842,676, while revenue was up 31% to US$9,027,117. Rental income remains the main source of revenue. Due to tenants’ financial challenges, rental collection rates fell from 85% in 2023 to 75% in 2024. Management is working closely with tenants to resolve the arrears. US$945,231 was spent on infrastructure maintenance during the year.
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Why invest in First Mutual Properties limited?
A Trusted Real Estate Partner for Sustainable, Long-Term Value
First Mutual Properties Limited is a listed real estate investment company offering investors access to a resilient and diversified property portfolio across Zimbabwe’s key urban centres. With a strategic focus on high-growth sectors such as suburban office parks, retail centres, and student accommodation, FMP continues to deliver strong operational performance and sustainable earnings. Our approach combines disciplined asset management, ESG integration, and digital innovation to create enduring value for shareholders. Backed by a highly experienced leadership team and robust governance structures, FMP is positioned to thrive in a transforming property market.
2024 Annual Report
Elisha K. Moyo, Chairman of the Board
The business environment remains uncertain. Management will continue to adapt its strategies to protect shareholder value and sustain business operations. Prudent capital management, stakeholder engagement, effective utilisation of the available lettable space (occupancy levels), quality and ambience of our property portfolio will be prioritised.

Performance Highlights
2024 Annual Report
The Group’s Net Property Income increased by 62% to US$4,842,676, while revenue was up 31% to US$9,027,117. Rental income remains the main source of revenue. Due to tenants’ financial challenges, rental collection rates fell from 85% in 2023 to 75% in 2024. Management is working closely with tenants to resolve the arrears. US$945,231 was spent on infrastructure maintenance during the year.
Revenue (US$)
9.03 million
2023: 6.90 million
31%
Net Property Income (US$)
4.84 million
2023: 2.98 million
62%
Total Assets (US$)
136.95 million
2023: 185.92 million
26%