First Mutual holdings limited’s total assets grew to US$247.6 million as at 30 June 2017 compared to US$229.7 million during the same period in 2016.
According to Group chairperson, Oliver Mtasa’s statement, notable growth came from debt and equity securities driven by positive fair value movements on the Zimbabwe Stock Exchange.
“Notable growth came from debt securities contributing US$9.1 million and equity securities driven by positive fair value movements on the ZSE amounting to US$10.8 million.
“There were no significant movements in the fair values of the investment property portfolio,” said Mtasa.
He added that consolidated rental income went down in 2017 due to downward rental review pressure from tenants.
“Consolidated rental income went down 8% from US$3.5 million in 2016 to US3.2 million in 2017 due to down ward rental review pressure from tenants.
“The average rental per square metre decreased from US$7.02 in 2016 to US$6.94 in 2017 and this contributed to an increase in the occupancy rate from 72% to 73%.
“Significant efforts have been made by management in the period under review to improve the ambience of the properties with property expenses going up 88% compared to the same period in 2016,” he said.
Meanwhile, Mtasa said due to an increase in the fair values of counters held by the Group on the Zimbabwe Stock Exchange, the group had an investment profit of US$13.0 million in the period to 30 June 2017 compared to US$0.5 million in 2016.
“Overall the Group achieved a profit for the period under review of $4.3 million as compared to $2.6 million that was recorded in 2016,”said Mtasa.