ICON Properties was incorporated in Malawi as a private limited company on 4th June 2019 and has posted a profit after tax of MK1.28 billion.

Initially, the company recorded a total income of MK1.44 billion for the two months period of operation, since  commencing its activities on 1 November 2018. This is due to the average occupancy rate across the property portfolio of 90% throughout the reporting period which recorded rental income of MK813 358 000.

“Total expenses was recorded at MK 631 million in the two months period owing to prelisting and listing expenses, property management fees and property operating costs which amounted to MK425 million.” says a company analysis report by Alliance Stockbrokers Limited. However, the board directors of ICON Properties have not recommended a dividend for the two months period ended 31 December 2018.