Umodzi Holdings upbeat about future prospects
Umodzi Holdings Limited has expressed optimism about business prospects as government ministries, departments and agencies (MDAs) are now holding their meetings at its Bingu International Convention Centre (BICC) in Lilongwe due to austerity measures.
The company’s board chairperson John Kamanga said this in Lilongwe last week, adding that they are now meeting some of their expenses.
He said: “The future looks promising because if you look at one of the austerity measures which were announced by the President that most meetings should happen within the vicinity, we have seen that most of the government MDAs are having their meetings in Lilongwe, which is benefiting the hotel.”
Kamanga, who is also Malawi Stock Exchange chief executive officer, said they are glad that for the first time since its inception in 2013, Umodzi Holdings Limited has posted a K413 million after-tax profit.
He said the President’s Walmont Hotel will undergo refurbishments to improve the ambience and make it more attractive to clients, but could not be drawn to indicate the cost.
“The presidential villas will remain the pride of shareholders and Umodzi Holdings Limited and we will continue keeping them in the pristine conditions,” said Kamanga.
Umodzi Holdings Limited chief executive officer Steve Lwanda said profit for the nine months up to March 31 2022 was achieved because they managed their costs effectively.
“Even though Covid-19 has changed businesses, it has also created opportunities,” he said.
Umodzi Holdings Limited is wholly owned by the Malawi Government. It manages Umodzi Park which comprises BICC, the 130- roomed The President Walmont and the 14 presidential villas as well as Malawi Square in Lilongwe.
