The period under review was characterised by persistent cash, foreign currency, fuel shortages, fiscal and current account deficits. Financing of the fiscal deficit through domestic borrowings negatively affected the country’s price stability. As a result, annual inflation closed the year at 42% up from 2.9% in January 2018. The operating environment remained largely uncertain due to rising inflationary pressures and foreign currency constraints. Therefore, your Group focused on preserving shareholder value through various strategic interventions…

The Group had a positive performance for the year in spite of the tough operating environment. An increase in profit after tax of 139.57% was realised in addition to improved occupancy levels. Investment property grew by 6.32% driven by acquisitions and fair value gains…

At a meeting held on 10 April 2019, your Board resolved that a final dividend of RTGS$0.730 million being 0.0502 RTGS cents per share be declared from the profits for the year ended 31 December 2018. The dividend will be payable on or about 24 May 2019 to all shareholders of the Group registered at close of business on 10 May 2019. The shares of the Group will be traded cum-dividend on the Zimbabwe Stock Exchange up to 7 May 2019 and ex-dividend as from 8 May 2019…

The general outlook over the long term remains positive with real economic growth estimates for Zimbabwe of ranging between 3.7% and 7% for 2019. Despite the challenges around debt to GDP ratio, limited availability of foreign currency, fiscal deficit, multiple tier pricing and cash shortages, forecasts remain positive against the backdrop of the Government’s policy changes targeted at containing the fiscal deficit, promoting investment and increasing production…

On behalf of the Board, I wish to thank all our stakeholders for their continued invaluable support.

E. K Moyo

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FMP | FY2018 Financial results
FMP | FY2018 Financial results presentation