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Investor Relations
Despite the ongoing uncertainty, the business will not deviate from its growth strategies that are aimed at increasing shareholder value. This includes investing in lucrative properties that can serve as a safeguard against inflation and exchange rate risks.
Elisha K. Moyo, Chairman of the Board
First Mutual Properties Limited
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 124 178 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.
Company Information
3 Reasons to Consider Investing in First Mutual Properties Limited
Our Share Price in Action
Investor News
FMP | New Board Member Appointments
Mr Rueben Java First Mutual Properties Limited is pleased to announce the appointment of Mr Rueben Java as …
FMP | Trading Update for the quarter ended 30 September 2023
Overview of Operating Environment The operating environment was characterised by increased activity across key economic sectors. The average …
FMP declared a second interim dividend of ZWL 30.34 cents & USD 0.011 cents per share
At a meeting held on 29 August 2023, your Board resolved that a second interim dividend of ZWL …
FMP | Interim Condensed Consolidated Financial Statements for the period ended 30 June 2023
CHAIRMAN’S STATEMENT Overview of Operating Environment The economy continues to be on a growth trajectory due to increased …
First Mutual Properties releases its 2022 Annual Report
Chairman’s Statement Overview of Operating Environment The global macroeconomic conditions remained largely uncertain due to multiple shocks. Inflationary …
Documents and Reports
First Mutual Properties invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded for further perusal.
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Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) Q32023 Interim Report
Q32023 Interim Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) HY2023 Interim Report
HY2023 Interim Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) 2022 Annual Report
2022 Annual Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) Q12023 Interim Report
Q12023 Interim Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) 2022 Abridged Report
FY2022 Abridged Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) Q32022 Interim Report
Q32022 Interim Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) HY2022 Interim Report
HY2022 Interim Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) 2021 Annual Report
2021 Annual Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) Q12022 Interim Report
Q12022 Interim Reports -
Zimbabwe : Property
First Mutual Properties Limited (FMP.zw) 2021 Presentation
2021 Presentations
Financial Summary
The facts that affect FMP’s underlying value.
31 Dec 22 | 31 Dec 21 | 31 Dec 20 | 31 Dec 19 | 31 Dec 18 | |
---|---|---|---|---|---|
Revenues | 2,900,532,000 | 2,044,479,000 | 427,147,000 | 260,666,000 | 65,761,000 |
Attributable PAT | 31,580,248,000 | 19,975,859,000 | 5,817,703,000 | 1,517,567,000 | 23,170,000 |
Shareholders Funds | 99,268,411,000 | 68,005,232,000 | 14,034,103,000 | 5,163,681,000 | 813,783,000 |
Cash on Hand | 675,970,000 | 793,380,000 | 199,367,000 | 81,379,000 | 3,486,000 |
Interest Bearing Debt | - | - | - | - | 569,000 |
Net Current Assets | 1,240,101,000 | 1,092,927,000 | 270,926,000 | 78,417,000 | 3,809,000 |
The Public Accountants and Auditors Board (PAAB) issued a pronouncement on 11 October 2019 indicating that the economy had become hyper-inflationary, and recommended the adoption of International Accounting Standard (IAS 29) “Financial Reporting in Hyperinflationary Economies”. The financial statements from FY 2019 onwards were prepared using the hyperinflationary accounting basis to achieve fair presentation at the reporting date. The FY 2018 figures were also restated to apply the IAS 29 accounting standard. Financial figures in the table above prior to FY 2018 are based on historical cost reporting.
Corporate Governance
The Directors recognise the need to conduct the business of First Mutual Properties Limited 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)
Non-Executive Directors
- Elisha K. Moyo (Chairman)
- Douglas Hoto (Group Chief Executive Officer)
- Evlyn Mkondo
- Dr. Shasekant Jogi
- Temba Ruvingo
- Sharon Wekwete
- Dr. Arnold M. Chidakwa
- Amos Mazarire
- William M. Marere
- Samuel Vengai Rushwaya
Audit Committee
E. Mkondo (Chairman), Dr. S. Jogi, R. Kupara, W. M. Marere
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
A. R. T. Manzai (Chairman), M. Mukondomi, A. Masiiwa, Dr. A. M. Chidakwa
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
S. V. Rushwaya (Chairperson), E. K. Moyo, A. R. T. Manzai
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.
Risk Committee
G. Baines (Chairman), E. K. Moyo, J. Katurura, J. Mberi
The committee advises on the Group’s overall risk strategy, current risk exposures, and risk governance. The committee considers and approves the remit of the risk management function and reviews reports on material breaches of risk limits, as well as the adequacy of remedial action. The committee also advises the Board on the risk aspects of proposed strategic transactions. The committee liaises with other Board committees as necessary.
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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First Floor, First Mutual Park
100 Borrowdale Road
P.O. Box MP37
Mount Pleasant, Harare
Transfer secretary
2nd Floor, ZB Centre
Cnr 1st and Kwame Nkrumah Avenue
P. O Box 2208
Harare, Zimbabwe
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