By Brighton Tchongwe
MPICO Plc, a leading property investment company, announced a profit of K12 billion for the 2024 financial year, indicating a robust performance.
This was announced during the company’s Annual General Meeting (AGM) held recently at the Capital Hotel in Lilongwe.
MPICO Group Board Chairperson, Edmund Hami, expressed enthusiasm for the company’s strong results, urging shareholders to continue investing in MPICO’s properties for sustained returns.
Despite the positive performance, Hami highlighted potential challenges stemming from the reduction in donor aid, which is anticipated to impact non-governmental organizations (NGOs) and consequently, the demand for property leases.
“Our properties span retail, offices, and residential sectors. All these depend on people’s disposable income,” Hami explained.
“If foot traffic to our rented shops decreases, it will affect those businesses. They might even close, which is a concern for us. We may also struggle to raise rentals in line with inflation. These are challenges we must confront and strategize how to move forward.”he added.
Hami affirmed the company’s long-term development strategy, aligning with Malawi 2063 agenda.
He also announced MPICO’s plans to diversify into the agriculture, tourism, and mining sectors.
Currently, the company boasts a property occupancy rate of 92 percent, with a target of reaching 99 percent.
Frank Hara, Secretary General for the Minority Shareholders Association of Listed Companies (MISALICO), commended MPICO’s Board of Directors for the impressive 2024 financial results.
“Shareholders’ dividends have increased from 38 tambala to 43 tambala, which is a positive development,” said Hara.
“As shareholders, we look forward to dividends, as that’s where we make our money.” He added.
