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 maint