ICON Properties Plc (ICON.mw) HY2019 Interim Report

We have extracted the Chairman’s Statement from the 2019 half year interim report for Icon Properities Plc (ICON.mw), listed on the Malawi Stock Exchange:

INCORPORATION

ICON Properties plc was incorporated in Malawi as a private limited company on 4 June 2018. It commenced its activities on 1 November 2018 hence was operational for two months in the year ended 31 December 2018.

PERFORMANCE

The average occupancy rate across the property portfolio remained above 90% throughout the reporting period. The Company generated total income of K5.75 billion for the six months period which includes increase in fair value of properties of K2.03 billion. Total expenses for the period were at K1.12 billion, some of the major expense areas included property and administrative management fees, repairs and maintenance and utility costs which amounted to K560 million. The Company reported a profit after tax of K2.5 billion for the six months period ended 30 June 2019.

DIVIDEND

Directors have resolved to pay an interim dividend amounting to MK650 million representing 10 tambala per share. The Dividend will be paid on 30 October 2019 to members whose names appear on the register as at the close of business on 18 October 2019.

OUTLOOK

The first half of 2019 saw the Malawi Kwacha depreciate against major currencies. The local unit has however shown signs of recovery early in the second half of the year. Demand for rental space in the property market continues to be stable as such the Company expects to maintain good performance throughout the period. Going forward, the Company seeks to consolidate and align its brand which will be used to leverage the success of several projects currently in the pipeline.

APPROVAL OF THE FINANCIAL STATEMENTS

The half year summary unaudited consolidated and separate financial statements were approved by the Board of Directors on 11 September 2019.

CHAIRMAN
R. Scharar

Director
V. Kumwenda