Property giant MPICO has reported a 33% increase in profit in the year 2018. The good news and strides achieved by the company, have been shown in its 2018 analysis report that has been made available to Biznews.
The report transparently reveals that rental reviews and increased occupancy levels at the Gateway mall in Lilongwe lead to an increased rental by 13% from
MK5.5 billion in 2017 to MK6.2 billion.
Also observed in the report is a 24.56% decrease in expenditure, which was attributed to reduced finance costs emanating from reduced borrowing and lower interest rates in 2018. Remarkable progress was made as Government debt reduced to MK2.3 billion in 2018 from MK8.0 billion in 2017.
With the K6.8 billion profit announced, MPICO board directors recommends a final dividend of MK310.2 million for the year ended 2018. The total dividend paid for the 2018 financial year will be MK517.0 million translating to a 22.5 tambala per share. An interim dividend of MK206.8 million was paid in September 2018.
MPICO plc was incorporated in Malawi as a private limited company on 21st Aug 1972 , converted to a public limited company on 27th September 2007 and is a property holding company involved in the ownership, leasing, management and development of commercial, residential and industrial property.