Umodzi Holdings Limited, which owns BICC, Malawi Square, President Hotel and Presidential Villas, has said it has posted its first ever profit since it was established around 2013.
Umodzi Holdings Limited Chairperson John Kamanga said the firm, which has been registering losses, recorded a profit of K413 million in the year ended March 31 2022.
Kamanga attributed the financial turnaround to cost containment strategies the new board put in place soon after jumping on board last year.
According to Kamanga, the firm embarked on cost containment in areas such as procurement, human resources management and others.
“We discovered that there was a lot of wastage, in terms of procurement, as there was a lot of improper procurement.
What we did was to put in place proper procedures in financial management and that entailed procurement and cost management.
“On top of that, we went out to increase visibility. Our marketing team went flat out to increase awareness of our product offerings,” Kamanga said.
He added that the firm improved in its service delivery to customers.
Looking ahead, Kamanga said the future of the company remains bright.
Umodzi Park Chief Executive Officer Steve Lwanda said business was a bit challenging at the start of last year as the country was coming out of Covid but that it later picked up towards the end.