After-tax profit for Malawi Stock Exchange (MSE)- listed Mpico plc jumped 155 percent in 2017 to hit K5.1 billion, the firm said on Friday.
Mpico Board Chairperson, Edith Jiya, disclosed this in Lilongwe during the firm’s annual general meeting (AGM).
Jiya described Mpico’s performance as excellent owing to a 13 percent income increase from K11.4 billion in 2016 to K13 billion in 2017.
She attributed the development to rent income growth.
“This was due to rent reviews and increased occupancy levels, mainly at the Gateway Mall, whereas total expenditure for the year decreased to K5.8 billion in 2017 from K8.3 billion in 2016 largely due to lower finance costs emanating from reduced borrowings. The Gateway occupancy increased to 95 percent by the end of 2017 having started the year at 74 percent,” Jiya said.
During the AGM, shareholders questioned the stand on government arrears following an announcement by Capital Hill to cease issuance of promissory notes.
The shareholders also the board to explain why the Gateway Mall roofing was affected by winds last year.
Jiya explained that government rent arrears worsened to K8 billion as at December 2017 and continued to negatively impact the company’s operations…
Read complete article: Business Malawi