During its, first Annual General Meeting (AGM)      Property management firm Icon Properties plc, posted a K2.52 billion after tax profit in the half-year ended June 30 2019.

The firm’s board chairperson Vizenge Kumwenda said that the company has performed well during the period in review, comparing to a K1.2 billion after tax profit for the two months period ended December 31 2018.

On the other hand, the company is working hard to ensure that it comes up with projects to build within 12 months. “When we listed the company, we raised K14 billion that needs to find a home. We are going to utilise this money to build these projects. We raised those funds for the purpose of growing the company and growth will come in form of buying new and developing properties,” said Kumwenda.  

In mid December, the firm was positive about 2019, stating that by the end of this year, 2019 is said to have a profit of about K8bn; the number being predicted from completion of restructured properties, while considering a growing annual income among other factors.

2020 is said to have a profit of about K8.2bn, citing that by then, administrative and operating expenses will have stabilised. The forecast was supported by Deloitte Malawi, in an attached letter that stressed their trust in the forecast’s accuracy, citing that the forecast is in line with its accounting policies.