First Mutual Properties has intensified efforts to strengthen the quality and security of its property portfolio, channeling US$530,154 into infrastructure maintenance during the half-year ended 30 June 2025.
The company says the investment reflects its commitment to providing premium facilities while driving shareholder value in a challenging but stable economic environment.
Board Chairman Elisha Moyo highlighted the importance of the expenditure, noting that it was central to sustaining competitiveness in Zimbabwe’s resilient but capital-constrained property sector.
“Management is committed to providing quality and secure facilities through targeted upgrades and maintenance,” he said.
The results show that the strategy is bearing fruit. FMP posted revenue of US$4.47 million, up from US$4.34 million in the same period last year, while net property income reached US$2.22 million.
The company maintained an 85% occupancy rate, while rental collections surged to 73% from 56% in 2024.
“The formal sector continued to bear a high tax burden, and your company has not been spared from this. I am, however, happy to report that the company continues to adapt its tactics to grow shareholder value,” Moyo said.
Independent valuers Knight Frank Zimbabwe placed FMP’s portfolio at US$134.36 million as at 30 June 2025, up 1% from December 2024.
The gain was largely supported by fair value adjustments on the back of stronger US dollar-denominated rentals.
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The group also advanced its development pipeline, completing the Arundel Office Park extension, a double-storey building with basement offering 2,616.5 square metres of lettable space.
Negotiations with potential tenants are ongoing. In Zvishavane, progress continues on a mixed-use development comprising duplex flats, multi-storey apartments, and student accommodation. “I am happy to report that the project is progressing relatively well,” Moyo said.
Zimbabwe’s property sector continues to show resilience, buoyed by urbanisation, diaspora investment, and growing demand for gated communities and eco-conscious projects.
However, limited mortgage financing has kept most developments dependent on private resources, capital recycling, and remittances.
To reward shareholders, FMP declared a dividend of US$134,300 (US$0.000108 per share) and ZWG$1,249,500 (ZWG 0.001 per share), payable on or about 24 October 2025.
The shares will trade cum-dividend until 1 October and ex-dividend from 2 October.
Moyo stressed the group’s increasing focus on sustainability: “Sustainable practices are essential for achieving long-term business success and creating stakeholder value.
Our 2025 strategy focuses on enhancing environmental, social, and governance initiatives, aligning with global standards to ensure future-proofed properties.”
“Our Company will leverage its strong asset base and leadership to sustain the business operations in the future.
"Elevated focus will be put on rental collections, prudent financial management, agility and operational excellence.”
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