Shareholders of real estate and property development company Icon Properties said they were content with the firm’s medium-term growth plan.
This is despite a sluggish growth in earnings.
This transpired at a stakeholder engagement in Blantyre on Friday, when Icon Properties management updated stakeholders on 2023 outturn and plans for 2024 and beyond.
In an interview, Minority Shareholders Association of Listed Companies General Secretary Frank Harawa said the business had been hit by shocks including Covid and forex scarcity in recent years.
“There is an improvement and we are happy. There are so many things that the firm is trying to improve on,” Harawa said.
Icon properties Chief Executive Officer Ellen Chapinduka Nyasulu said in 2023, the firm saw a rental growth of 15 percent from six percent the previous year and a value growth of 16 percent compared to 14 percent the previous year.
“The outlook remains positive because real estate provides what we call essential amenities or necessities for either business as well as livelihoods.
“We just have to structure our business in such a way that we can navigate around the challenges, put in mitigation actions and ensure that, at the end of the day, you invest,” Nyasulu said.
