FMP | 2016 Abridged Audited Financial Results

By Published On: March 6th, 2017Categories: Corporate announcement

CHAIRMAN’S STATEMENT

The Economy

The economy continues to weaken due to illiquidity, deflation and declining local industry competitiveness. The changes in the monetary and foreign currency policy boosted activity on the Zimbabwe Stock Exchange, however the impact on the operating environment is yet to be fully realised…

The Property Market

The real estate market remained subdued as reflected by the fact that only 1.60% of bank credit issued in the market was absorbed by the construction industry…

Directorate

Mr Francis Nyambiri resigned from his position as Managing Director on 10 October 2016 and Mr Joseph Mutizwa resigned as a non-executive Director with effect from 6 March 2017. We would like to thank the outgoing Directors for their invaluable service during their tenure…

Dividend

At a meeting held on 6 March 2017, the Board resolved that a final dividend of US0.059 cents per share be declared from the profits for the year ended 31 December 2016. The dividend will be payable on or about 28 April 2017 to all shareholders of the Company registered at close of business on 7 April 2017. The shares of the Company will be traded cum-dividend on the Zimbabwe Stock Exchange up to 31 March 2017 and ex-dividend as from 3 April 2017.

Outlook

Performance of the real estate market is dependent on performance of other economic fundamentals. In the short to medium term, the prospects for growth are minimal due to the
weakening economy.

The continued weak demand for space, over-supply of existing space compounded by the non-availability of competitively priced long term finance and physical infrastructure deficit will restrict significant property developments in the short to medium term.

The Group remains strategically positioned to exploit opportunities that may arise within the market, through its investments in brownfield and prime greenfield developmental sites. In addition, the Group is actively pursuing refurbishments and reinvestment into the existing portfolio to enhance the quality of space available as well as maintain the long-term sustainability of returns.

Acknowledgements

On behalf of the Board, I wish to thank our clients, staff, management and all other stakeholders for their invaluable support.

E.K Moyo
Chairman
6 March 2017


Related download
FMP.zw – 2016 Abridged financial results.pdf

First Mutual Properties Limited (FMP.zw)

Share price: 764.81 ZWL cents (-69.19 | -8.30% – 16/08/22)

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