Umodzi Holdings to clear K4bn debt, says CEO
The government’s decision to leave management of Umodzi Holdings Limited under a local firm seems to be paying off as it is set to clear a K4 billion debt this month.
Umodzi Holdings Limited, which manages Umodzi Park, Bingu International Convention Centre, the 130-room President’s Hotel and 14 Presidential Villas in Lilongwe, is also set to more than double its profit for the year ending March 31 2024, according to the firm’s chief executive officer Steve Lwanda.
He said in interview on Wednesday that the firm is now looking at expanding to the lakeshore district of Mangochi.
“We have just finished land acquisition in Mangochi where we plan to construct a 50-room facility,” said Lwanda, adding that it will be an integrated resort that will offer “a wide range of lakeshore experience”.
He said the expansion plan will see Umodzi Holdings following through the initial plan to have more hotels, shopping malls and residential buildings.
In the 2023 financial statement, the firm attributed its performance to international meetings and long stay guests from international corporate organisations.
The hotel’s food and beverage revenue also grew 10 percent higher than the budget while Presidential Villas occupancy rate was at 86 percent based on standing lease agreements with tenants, projecting higher revenue growth in 2024.
