Icon Properties plc posts K1.28bn profit in 2 months

Icon Properties plc, a subsidiary of Nico Holdings plc and listed on Malawi Stock Exchange (MSE) early this year, has posted a K1.28 billion profit for the two months ended December 31 2018.

A statement accompanying financial statements co-signed by board chairperson Rob Scharar and director Vizenge Kumwenda shows that the firm generated total income of K1.44 billion during the period.

It said the average occupancy rate across the property portfolio was above 90 percent during the period.

Total expenses stood at K631 million, with the major items included in the figure being the pre-listing and listing expenses, property management fee and property operating costs amounting to K452 million.

Going forward, the firm said the property market continues to remain stable and declining inflation levels may lead to growth in the short to medium-term.

“The company is poised to maintain good performance throughout the year 2019.

“The company will focus on maintaining its occupancy levels, improving its property standards, reducing receivables and actively looking to deploy the IPO [Initial Public Offering] proceeds in various property investments,” reads the statement.

Icon Properties was incorporated in Malawi as a private limited company on June 4 2018 and started its activities on November 1 2018.

The firm acquired the shareholding of various property companies, namely Kang’ombe Investment Limited (75 percent), Chichiri Shopping Centre Limited (100 percent), Lilongwe City Mall Limited (100 percent) and Nico Properties Limited (100 percent) and various direct properties in exchange for shares.