Malawi Stock Exchange (MSE)-listed Malawi Property and Investment Company (Mpico) Limited has posted an after tax profit of K2 billion in the year ended December 2016 from K800 million in 2015, representing a year-on-year increase of 156 percent.
The property management firm in a published statement accompanying the results said the group’s results were satisfactory with a total income increase by 89 percent from K6.1 billion in 2015 to K11.5 billion in 2016.
“The increase is as a result of rent reviews carried out during the year and fair value adjustments of investment properties and interest income,” said the statement co-signed by group managing director Damien Kafoteka and chairperson Edith Jiya.
Going forward, Mpico hopes this will result in reduced finance charges adding that it will continue to grow the third party consultancy business.
Recently, Mpico issued an additional 1.1 billion shares on the local bourse raising about K9 billion, a development which Stockbrokers Malawi equity analyst Tonderai Maneswa described as a positive move for both the company and shareholders.
Mpico, which listed on the MSE in 2007, is owned by Old Mutual Limited as its biggest shareholder with 57 percent stake followed by the public with 33 percent and Lincoln Investment holds 10 percent stake in the company. n