First Mutual Properties posts US$1.8m profit
First Mutual Properties achieved a profit after tax of $1.8 million during the first nine months of its financial year, marking a dramatic turnaround from a $60.3 million loss recorded during the same period a year earlier. The Zimbabwean real estate company attributed its recovery to fair value gains of $1.4 million across its property holdings, contrasting sharply with the previous year’s $54.9 million decline that stemmed primarily from currency revaluation impacts.
The property investment firm reported that its asset portfolio expanded modestly to reach $134.2 million while rental revenues increased by 2 percent to $6.6 million. Dollar-denominated income represented 86 percent of total revenues, reflecting the widespread use of American currency throughout Zimbabwe’s economy. The company identified growing demand for secure residential developments funded by diaspora investments, particularly in premium neighborhoods such as Borrowdale and Mount Pleasant.
