First Mutual Properties Limited Investor Relations 2018-02-05T04:53:25+00:00

First Mutual Properties Limited (FMP.zw)

First Mutual Properties, formerly known as Pearl Properties Limited, is a subsidiary of First Mutual Holdings. It is a real estate company with vested interests in the development and management of commercial properties in the major towns of Zimbabwe. First Mutual Properties has a significant property portfolio, comprising some 117 250 square metres of lettable space made up of office parks, retail shops, commercial and industrial property. It owns and manages 41 buildings in the major economic hubs of Zimbabwe, including high-rise commercial buildings, industrial and warehouse properties and retail outlets. First Mutual Properties also has a residential trading stock of two- and three-bedroomed garden flats in Avondale, Harare. First Mutual Properties is listed on the Zimbabwe Stock Exchange

Why consider investing?

Three Reasons to Consider Investing in First Mutual Properties Limited (FMP.zw)

1.

Prime Investments

Investments in prime properties in the major towns and cities of Zimbabwe, comprising about 122 300 square metres of lettable space made up of office parks, retail shops, commercial and industrial space
2.

Value Creation Trend

Our strategy is based on and informed by three pillars underpinning the core business, namely, risk management, wealth creation and wealth management
3.

Strategic Positioning

The Group remains strategically positioned to exploit opportunities that may arise within the market through its investments in brownfield and prime greenfield developmental sites
See our share price in action

Our Share Price in Action

US cents 4.98 0.00 / 0.00%
Year to date -18.36%
52 Week Change 50.90%
52 Week Low
52 Week High
3.30
6.20

ACTIVITY

Sales -
Value US$0.00
Volume 0
Market Cap US$61,660,234
Shares issued 1,238,157,310

MARKET INFO

Sector Property
Exchange Zimbabwe Stock Exchange
ISIN ZW 000 901 202 3
YEAR Listed 2007
Year End December

FUNDAMENTALS

P/E 35.57
Div. Yield 1.180%
EPS US(c) 0.14
P/B Ratio 0.48
EV / Ebitda 20.16
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Find the most important share facts

Top Shareholders31st December, 2016

Stanbic Nominees (Pvt) Ltd 724,520,005 (58.52%)
First Mutual Life Shareholders81,213,919 (6.56%)
SCB Nominees 03366780000180,740,864 (6.52%)
Other351,682,522 (28.40%)

Company Information

Registered Name First Mutual Properties Limited (FMP.zw)
ISIN ZW 000 901 202 3
Ticker Code FMP.zw
Sector Property
Stock Exchange Zimbabwe Stock Exchange
Chairman Elisha K. Moyo
Managing Director Christopher K. Manyowa
Company Secretary Sheila Frances Lorimer
Transfer Secretary Corpserve Registrars (Pvt) Ltd (zw)
Year End December
Year Founded 2006
Year Listed 2007
Latest news

Featured News

Events Calendar

DateEventTimeDescriptionVenue
29 Apr 2018DIVIDENDDiv. Payment-Date: Final of US cents 0.059 / share; FY to 31.12.17
30 Jun 2018HYHalf year endN/A
18 Aug 2018HY resultsPrevious year release dateN/A
31 Dec 2018FYFull year endN/A

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Documents and Reports

First Mutual Properties Limited (FMP.zw) invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded.

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What makes FMP Tick?

Fundamentals

The facts that affect First Mutual Properties Limited (FMP.zw)‘s underlying value.

Statement of Income extract All values in United States Dollars

  31 Dec 13 31 Dec 14 31 Dec 15 31 Dec 16 31 Dec 17 5-year trend
Revenues 9,022,3228,777,8928,467,6927,983,4367,414,502
Attributable PAT 9,823,5883,524,981(481,336)1,139,2511,694,606

Statement of Financial Position extract All values in United States Dollars

  31 Dec 13 31 Dec 14 31 Dec 15 31 Dec 16 31 Dec 17 5-year trend
Shareholders funds 123,958,355127,512,869126,389,692126,779,528127,744,134
Net interest bearing debt (317,581)3,672,9021,879,68197,536(880,423)
Cash on hand 317,581964,9581,511,9862,194,1312,072,088
Interest bearing debt ()4,637,8603,391,6672,291,6671,191,665
Net current assets 9,608,7553,370,5124,588,0101,334,0462,443,658
Our Corporate Governance

Corporate Governance

The Directors recognise the need to conduct the business of First Mutual Properties Limited (FMP.zw) with integrity and in accordance with generally accepted corporate practices in order to safeguard stakeholders’ interests. Detailed policies and procedures are in place covering the regulation and reporting of transactions in securities of the Company by Directors and Officers. The Group is committed to the principles of good corporate governance based on best global practice. The Board and Management believe that the Group’s governance systems and practices are appropriate and are essentially in line with the National Code on Corporate Governance. The Group Human Resources and Governance Committee takes a leadership role in shaping the corporate governance of the Group.

Board Composition and Appointment

The Board of Directors is chaired by a Non-Executive Director and comprises several other Non-Executive Directors and one Executive Director, the latter being the Managing Director. The Board enjoys a strong mix of skills and experience. The Board is the primary governance organ. The role of the Board is to determine overall policies, plans and strategies of the Group and to ensure that these are implemented in an ethical and professional manner.

Executive Directors

  • Christopher K. Manyowa (Managing Director)
  • William Marere (Group Finance Director)

Non-Executive Directors

  • Elisha K. Moyo (Chairman)
  • Douglas Hoto
  • Evlyn Mkondo
  • Ruth Ncube
  • Dr Sasha Jogi
The Board is supported by various committees in executing its responsibilities. The committees meet at least quarterly to assess and review the Group’s performance and to provide guidance to management on both operational and policy issues. The Group from time to time reviews the number of committees as necessitated by the prevailing environment. Each committee acts within written terms of reference under which functions of the Board are delegated with clearly defined objectives. The terms of reference and composition of the committees are determined and approved by the Board and have been adopted by the Board on an annual basis.

Audit
Committee
E Mkondo (Chairperson), Dr S Jogi

This committee has written terms of reference and is tasked with ensuring financial discipline within the Group, sound corporate values and financial procedures. It is further tasked with reviewing and approving the interim and annual financial statements of the Group and considering any accounting practice changes.

The Committee deliberates on the reports and findings of the internal and independent auditors and also recommends the appointment of the independent auditors and approves their fees.

The audit partner and audit manager are invited to attend all meetings. Both the internal and independent auditor have unrestricted access to the Audit Committee to ensure their independence and objectivity.

Group Investments Committee

This Committee formulates investments strategy and policy as well as reviewing the performance of money market, equity and property investments within the First Mutual Holdings Group.

The Committee assists the Board in implementation of its investment policies and ensures that portfolio management is conducted in accordance with the Group’s policies.

Group Human Resources and Governance Committee
E Moyo

This Committee is mandated to deal with staff development and formulate remuneration policies for the entire First Mutual Group, as well as to approve remuneration packages for executive directors and senior executives. The Committee is responsible for reviewing the supporting organisational structure in line with the strategy and makes recommendations to the Board. It reviews recruitment procedures and strives to ensure that staff remuneration packages remain competitive.

The Committee seeks to ensure that the Group is geared to compete at the highest level by attracting and retaining high calibre individuals who will contribute fully to the success of the business. Accordingly, a performance related profit share is offered in addition to a basic salary package whilst a discretionary share option scheme is in place for eligible staff members who achieve certain performance ratings. Under the share option scheme, allocations are made annually at the market value at date of allocation and may be exercised subject to the rules of the scheme only after periods of between one and three years. The Committee draws on external market survey data from independent advisors to ensure that the remuneration policy is appropriate. As well as recommending the remuneration of Non-Executive Directors to the Board, the Committee acts as a Nominations Committee for Directors to Boards of companies in the First Mutual Holdings Group. In addition, the Committee considers wider corporate governance issues and related party transactions.

The Board has overall responsibility for ensuring the integrity of the Group’s accounting and financial reporting systems including an independent audit, and that appropriate systems of control, risk management and compliance with laws are in place. To ensure effectiveness, Board members have unfettered access to information regarding the Group’s operations which is available through Board meetings, Board and Management Committees as well as Strategic planning workshops organised by the Group.

Directors may, at the Group’s expense, seek independent professional advice concerning the Group’s affairs. A third of the Directors are required to retire on a rotational basis each year along with any Director(s) appointed to the Board during the year. Executive Directors are employed under performance driven service contracts setting out responsibilities of their particular office, which are only renewed upon meeting the set performance targets.

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Registered Address

First Mutual Properties Limited (FMP.zw)Address:- First Floor, First Mutual Park
100 Borrowdale Road
P.O. Box MP37
Mount Pleasant, Harare
Telephone:- (04) 886121-4, 0772134112-20

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Transfer Secretaries

Corpserve Registrars (Pvt) Ltd (zw)Address:- 2nd Floor, ZB Centre
Cnr 1st and Kwame Nkrumah Avenue
P. O Box 2208
Harare, Zimbabwe
Telephone:- +263-4-758193, 750711/2

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