Inflation Adjusted Financial Performance Highlights
- Rental Income +38%
- Net Property Income +43%
- Admin. expenses +37%
Property Acquisitions – Zvishavane Housing
- Acquired 4.3 hectare site
- Rationale – Entry into housing with off-take from mines and also provide student housing for local universities.
Property Acquisitions – Chivhu Retail Site
- Acquisition price – USD 390,000
- Entry yield – 6%
- Rationale – Consolidation with adjacent property for future expansion
Property Developments – Mbare Retail Warehouse
- Pre-let to Gain Cash and Carry
- Joint Venture development – about 40% FMP contribution.
- Estimated development cost – USD 600,000
- Target entry yield – 8%
- Rationale – Co-investment into retail warehousing sector
- 40% completed as at December 2021
Property Developments – Arundel Office Park Expansion: Pre-construction Stage
- Detailed building plans complete and approved by City of Harare
- EMA approvals and prospectus submitted
- Proceeding to tender
- Fundraising – 40% secured, further debt and capital recycling ongoing
- Construction commencement – Q2 2022
Dividend
- Current dividend policy is to declare quarterly dividends at 25% of operating profit after tax.
- Your Board resolved to declare a final dividend of ZWL$ 20.031 million from the profits for the quarter ended 31 December 2021 in line with the dividend policy.
- Full year dividend amounts to ZWL 45 million.
