- 23% increase in income to $2.6M
- Recorded expansion in operating margins to 48%
- Posted 88% occupancy during the period
- Key projects unveiled, completed
Harare- Mash Holdings, a leading real estate investment and development company, has reported a strong start to 2024 with impressive financial and operational metrics in its initial five months of the year.
For the first 5 months, the company saw a 23% increase in income, rising from US$2.1 million in the same period last year to US$2.6 million. This growth was largely attributed to the company's efforts to harden its income statement, with 75% of tenants now billed in US dollars.
Alongside the top-line growth, it also saw a 1% expansion in operating margins, which increased from 47% to 48%.
Occupancy levels for the current month stood at 88%, up from 87% in the prior year.
The company has been actively developing new projects to drive future growth.
In the second quarter of 2024, Mash Holdings completed the Mashview Gardens housing development, and the Milton Park day hospital project was finalized in the first quarter.
One of the company's key upcoming projects is the Pomona commercial Centre development, which is 57% complete and has a development budget of US$12.2 million.
This project is expected to achieve an entry rental yield of 9%, with 60% of the space already pre-leased.
Looking ahead, Mash Holdings' strong performance and strategic project pipeline position the company well for continued growth.
The Victoria Falls Hotel and Borrowdale Office Park developments, set to commence in 2025, are expected to further bolster the company's earnings and diversify its portfolio.
Therefore, Mash Holdings' impressive financial and operational results, coupled with its robust project pipeline, suggest the company is well-positioned to capitalize on the growing real estate market in the region.
However, the company must remain vigilant in managing potential risks regarding currency volatility, inflationary pressures to ensure the sustainable execution of its strategic initiatives.
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