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Mpico profit up by 33%

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By Chimwemwe Mangazi:

Mpico Plc has posted a K6.8 billion profit after tax for the year ended December 31 2018 compared to a K5.1 billion profit recorded the previous year.

This represents a 33 percent profit jump.

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Mpico attributes the profit rise to reduced rental arrears by the government and increased occupancy levels at its Gateway Mall in Lilongwe.

A statement of financial results for the period published Thursday shows that as at December 2018, the government paid the landlord K5.7 billion of the K8 billion rental arrears recorded in December 2017.

Signed by the company’s Managing Director, Damien Kafoteka and Board Chairperson, Edith Jiya, the results further indicate that rental income grew by 13 percent to K6.2 billion in 2018 from K5.5 billion the previous year.

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Expenditure on the other side decreased to K4.3billion in 2018 from K5.8 billion in 2017.

Looking forward, the company says the economic environment remains volatile.

“The current economic stability could be impacted by several factors such as low agricultural production following adverse weather conditions, world oil prices and government policy.

“The Group has put in place strategic plans to ensure that its clients are provided with relevant property solutions and that shareholders enjoy growth in the value of their investment,” reads the report in part.

Meanwhile, the company has since declared a total dividend of K517 million representing a 22.5 tambala per share.

This is higher than the K413.6 million or 18 tambala per share, dividends declared in 2017.

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