MPICO Plc, a leading property management firm, registered a 72 percent annual increase to 12.3 billion Kwacha in 2024, from the previous year’s K8 billion, the firm has announced.
The company has also registered an increase in shareholders dividends to 43 tambala per share from 38 tambala recorded in 2023.
MPICO Plc chairperson Edmund Hami made the revelations during the group’s annual general meeting held in Lilongwe on Friday.
Hami said apart from the increase in annual profit the company has also registered an uplarge in rental income from 6.9 billion Kwacha recorded in 2023 to 8.1 billion kwacha.
“Our profit is about 12 billion which is staggering amount coming from 8 billion last year. So you can see that it is about 72 percent profit. So that is quite huge.The devidend payout has also been good, at around 13 percent.The rental income has increased this year from 6.9 billion Kwacha recorded in 2023 to 8.1 billion kwacha. In bussines, when one makes a profit above ten percent of the money he invested , we take it as a win. So anything above ten percent is very good,” said Hami.
He attributed the increase to various mitigating strategies that were established to ensure that bussines sails amid the hard economy.
He said; “It has come out much in line with our expectation because despite facing numerous challenges such the rising inflation, we initiatives to ensure that we beat the challenges.”
On his part Central region minority shareholders of listed companies chairperson Purity Chitalo said the outcome has been fruitful and accountable.
He said; “It feels good to be rewarded for investments. I am happy that we have had a very significant and open conversation, but most importantly the company has listed a number of initiatives that we ought to undertake in the years to come which we are happy with and we trust the leadership and that this will materialize.”
According to a published summary of the frim’s unaudited financial results, MPICO has also registered a 15 percent increase on return on investment.
