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Zimbabwe: First Mutual Properties Sets Aside U.S.$7.3 Million Dividend Pay-Out

ZIMBABWE Stock Exchange listed property concern, First Mutual Properties (FMP) has set aside $7.3 million quarterly dividend pay-out indicating the company’s bullish performance despite the obtaining economic challenges.

Several local companies are in dire straits owing to the difficult economic operating environment which has been further weakened by the impact deadly Covid-19.

But this week, FMP group company secretary Sheila Lorimer indicated defiance against the obtaining difficulties through announcing a lucrative dividend pay-out.

“The board resolved that an interim quarterly dividend of $7,398,431 being 59 cents per share be declared from the profits for the quarter ended 30 September 2020.

“The dividend will be payable on or about 05 February 2021 to all shareholders of the Group registered at close of business on 29 January 2021. The shares of the Group will be traded cum-dividend on the Zimbabwe Stock Exchange up to 26 January 2021 and ex-dividend as from 27 January 2021,” she said.

An independent property valuation conducted by Knight Frank Zimbabwe as at 31 December 2019 valued the FMP property portfolio at $1,392 billion, being a 53 percent gain on the prior year, on a market value basis.

The gain was driven by fair value gains of $485 million which were realised across the sectors.

The group’s strategic land bank also contributed significantly to the appreciation in value of property portfolio.

In respect of new projects, First Mutual Properties Arundel Office Park extension project is at pre-construction stage with formal appointments of the design team having been concluded.

In preparation of the project, some pre purchases of bulk materials have commenced with the construction work is set to commence in the second half of 2020.