Full Year Results 2024
Full Year Results 2024
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 Future-Focused Investment in Real Estate Excellence
First Mutual Properties Limited is a leading player in Zimbabwe’s real estate sector, offering a compelling investment opportunity built on financial resilience, strategic growth, and sustainability. With a diversified portfolio spanning office parks, industrial properties, suburban retail, and mixed-use developments, the company consistently delivers value through robust performance and innovative property solutions. Its commitment to green building practices, strategic market expansion, and stakeholder-focused management ensures long-term value creation. Explore our investment case to discover why First Mutual Properties is the partner of choice for real estate investment in Zimbabwe.
Full Year Results 2024
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
Full Year Results 2024
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%
