Icon Properties has posted a K19.2 billion profit for the year ended December 31 2023, the firm says in a published summary audited financial statement.
This represents a 14.97 percent increase in profit from K16.7 billion profit the company reported in the corresponding period of 2022.
According to the statement, the company generated a total income of K20.9 billion during the year under review.
It says the income performance was lower due to property revaluation gains and finance income.
“The property revaluation gains on properties were lower than the corresponding year due to normalisation of above-normal growth on some properties in the previous year following market realignments.
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“Investment income decreased due to reduced cash balances following additional investment in Oasis Hospitality Limited at K1.7 billion, bringing the total investment to K8.5 billion.
“Oasis Hospitality Limited is in the process of constructing a hotel in Lilongwe led by Blantyre Hotels,” the statement reads.
On economic prospects, Icon Properties Board Chairperson Eric Chapola says in the statement that rising food and energy prices, global instability including wars, environmental occurrences and changing economic fundamentals such as rising inflation make the outlook mixed and murky.
He says following the devaluation of the Kwacha by 44 percent, foreign currency reserves remain low which risks further pressure on the local unit.
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“As the company progresses in its strategic projects, it will cautiously manage its cash flows to balance between operational and capital needs,” Chapola said.
Chapola added that directors of the company have recommended a final dividend of K935.2 million, representing 14 tambala per share.
