First Mutual Properties Financial Results for the Six Months Ended 30 June 2021 – Short-form Financial Announcement

September 17, 2021|

Short-form Financial Announcement

This short form financial announcement has been issued in terms of the Zimbabwe Stock Exchange (ZSE) Practice note 13.

This short-form financial announcement is only a summary of the information contained in the reviewed abridged financial statements for the six months ended 30 June 2021. Any investment decision by investors and/or shareholders should be based on consideration of the reviewed abridged financial results for the six months ended 30 June 2021. The reviewed abridged financial statements have been released on the ZSE Data Portal: www.zse.co.zw and the Company’s website: https://firstmutualpropertiesinvestor.com/

Financial perfomance

Dividend

At a meeting held on 23 August 2021, your Board resolved that an interim dividend of ZWL5,600,000 being 0.4528 ZWL cents per share be declared from the profits for the quarter ended 30 June 2021. The dividend will be payable on or about 15 October 2021 to all shareholders of the Group registered at close of business on 1 October 2021. The shares of the Group will be traded cum-dividend on the Zimbabwe Stock Exchange up to 28 September 2021 and ex-dividend as from 29 September 2021. This brings the cumulative Half Year 2021 dividend to ZWL 11,161,886.83.

Review opinion

The Group’s condensed inflation adjusted interim financial statements from which these abridged results have been extracted, have been reviewed by the Group’s external auditors, Ernst & Young Chartered Accountants (Zimbabwe). An adverse review conclusion has been issued as a result of the following matters: Non-compliance with IAS 21 (The Effects of Foreign Exchange Rates; IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors), valuation of investment properties and the consequential impact on the inflation-adjusted amounts determined in terms of IAS 29 (Financial Reporting in Hyperinflationary Economies). The auditor’s review conclusion on the Group’s condensed inflation adjusted interim financial statements is available for inspection at the Group’s registered office.” The Engagement Partner for this review is Mrs Constance Chakona (PAAB Practising Certificate number 0431).

Directors: E K Moyo (Chairman), A M Chidakwa, D Hoto, S Jogi, C K Manyowa*, W M Marere, E Mkondo, T Ruvingo, S Wekwete (* Executive Director)
First Mutual Properties, First Mutual Park, First Floor, 100 Borrowdale Road, Borrowdale, Harare, Zimbabwe | P O Box MP 373, Mt Pleasant, Harare Tel: +263 (242) 886 121 – 4 | Email: [email protected] | Website: www.firstmutual.co.zw | +263 778 917 309

Latest news and corporate announcements from First Mutual Properties Limited (FMP.zw).

First Mutual Properties, formerly known as Pearl Properties Limited, is a subsidiary of First Mutual Holdings. It is a real estate company with vested interests in the development and management of commercial properties in the major towns of Zimbabwe. First Mutual Properties has a significant property portfolio, comprising some 117 250 square metres of lettable space made up of office parks, retail shops, commercial and industrial property. It owns and manages 41 buildings in the major economic hubs of Zimbabwe, including high-rise commercial buildings, industrial and warehouse properties and retail outlets. First Mutual Properties also has a residential trading stock of two- and three-bedroomed garden flats in Avondale, Harare. First Mutual Properties is listed on the Zimbabwe Stock Exchange

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