Mpico Limited profit up 33%
Mpico Limited, the Malawi Stock Exchange (MSE)-listed property management firm, has reported a 33 percent growth to K2 billion in the year ended December 2013 from K1.5, enabling shareholders to get their dividend this year.
The firm declared a dividend of K22.98 million, an equivalent of two tambala per share. Last year, the firm failed to pay dividend to its shareholders due to cash flow problems.
According to published financial results, Mpico Limited income has decreased from K4.2 billion to K3.3 billion, representing a 21 percent decline.
“The decline is a result of decrease in the fair value adjustment from K2.6 billion in 2012 to K1.5 billion in 2013,” says the statement accompanying the results jointly signed by board chairperson Dye Mawindo and managing director Peter du Plessis.
The company says the Mpico Gateway Mall being built in Lilongwe shall be opening for trading in the last quarter (October to December) of 2014.
“Mpico is ready for this new and exciting opportunity which will help it realise its strategy of diversifying its property portfolio,” says the statement.
In an earlier interview du Plessis said the mall which will cost 410 million rand (about K16.4 billion) when completed, is currently 70 percent complete.
Initially, the project, whose launch took place in August 2010, was earmarked for completion by October in 2012.
