Categories: Stories

ZPI operating profit down 29 percent in five months

Listed property developer Zimre Property Investments(ZPI) has reported a 29 percent decline in operating profit in the five months to May on reduced occupancy levels.

Rent income was down three percent at $1.5 million while total income, at $2.1 million, was 17 percent lower on the prior year.

Project sales amounted to $525 582 which was 44 percent lower than last year.

Managing director Edison Muvingi said performance was likely to improve in the second half of the year when the company kicks off new projects.

“We have not had any new projects coming through and running, but post half-year that is going to improve because we have a number of projects coming through,” Muvingi told reporters after the firm’s annual general meeting in Harare.

Muvingi said ZPI was expecting to deliver a 1 000 stands onto the market by end of year, including a new project in partnership with CFI in Glen View.

“We have a joint venture project that we are working on in conjunction with CFI which will give us about 700 stands as well as the one in Ruwa which is about to take off.”

“It’s the funding that we are working on. We are fundraising as we speak. All the necessary regulatory approvals have been received,” he said.-The Source

(188 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024