By Dean Chisambo
MPICO Group plc has announced a profit of K12 billion in this year’s annual report, marking a significant increase from last year’s profit of approximately K8.5 billion.
The strong performance was unveiled during the company’s Annual General Meeting (AGM) held in Lilongwe.
In his remarks, MPICO plc Group Board Chairperson Edmund Hami described the profit growth of 72% as a remarkable achievement, especially considering the challenges currently facing the property industry.
“The market is tough at the moment, but we are pleased to be performing well despite this,” Hami said.
He highlighted that the occupancy rate of their properties stands at 92%, noting, “While we may not reach 100%, a 92% occupancy rate indicates strong performance. Our profit margin target is to hit 99%.”
Hami added that their return on investment is about 15%, emphasizing that any business delivering a return of 10% or more is considered successful.
He expressed gratitude for the company’s transparency with shareholders and praised the overall performance for the financial year just ended.
Shareholders will receive a dividend of 43 Tambala per share this year, an increase from 38 Tambala last year.
Hami also shared that MPICO is aiming to diversify beyond rental income, pursuing initiatives in sectors such as hotels and mining under the Agriculture, Trade, and Mining (ATM) strategy.
“We are looking beyond immediate gains and planning for the future,” he said.
One shareholder, Kiret Chitalo, expressed his excitement about the company’s progress and leadership’s decision to declare dividends this year.
“It feels rewarding to see returns on our investment, and I am confident other shareholders share this sentiment,” Chitalo said.
He noted that the company’s leadership has laid out several plans aimed at ensuring continued growth and profitability, while ensuring shareholders receive positive returns.
