First Mutual Properties Pays $7M Dividend

Shareholders of listed property investment firm, First Mutual Properties (First Mutual) are set for a ZWL$7.4 million dividend pay check valued at 0.5982 ZWL cents per share from profits for the quarter ended 30 September 2020 this month.

The company recorded a profit of ZWL 105. 431 million during the quarter.

“At a meeting held on 17 November 2020, your Board resolved that an interim quarterly dividend of ZWL 7,398,431 being 0.5982 ZWL cents per share be declared from the profits for the quarter ended 30 September 2020,” the company issued a statement to shareholders this morning.

“The dividend will be payable on or about 05 February 2021 to all shareholders of the Group registered at close of business on 29 January 2021. The shares of the Group will be traded cum-dividend on the Zimbabwe Stock Exchange up to 26 January 2021 and ex-dividend as from 27 January 2021,” it said.

Since the start of the Covid-19 pandemic a sizeable number of companies on the Zimbabwe Stock Exchange have not been declaring dividends in an attempt to cushion their operations against business disruptions from lockdowns.

Revenue for the quarter increased by 674 percent compared to the same period in prior year driven by rent reviews, turnover rentals and occupancy levels rising to 88 percent.

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