Pride Mzarabani
HARARE – Mashonaland Holdings is targeting a strategic increase in investment exposure within the medical sector, aiming to allocate at least 10% of its overall portfolio value to this critical area.
The objective aligns with the company’s commitment to the United Nations’ Sustainable Development Goals (SDGs), underscoring its dedication to fostering positive social impact and contributing to the betterment of healthcare infrastructure and services.
The company has already made notable strides in the health sector, highlighted by the completion and handover of the Van Praagh Day Hospital in FY2024, valued at US$3 million. This investment brings the total value of Mashonaland Holdings’ medical sector investments to US$5 million, representing 6% of its overall portfolio value.
According to its Managing director Kudakwashe Musundire, Mashonaland Holdings currently manages total assets valued at US$94.9 million, having invested US$14.6 million in Pomona Commercial Centre which added to its portfolio.
“We successfully added an expansive flagship property to our portfolio, the Pomona Commercial Centre, increasing our total assets under management to US$94.9 million following an investment of US$14.6 million.”
The company’s portfolio value registered a 14% increase in capital value driven by the acquisition of the Victoria Falls land bank, capitalisation of development works at Pomona Commercial Centre as well as capital gains realised in FY2024. This demonstrates the company’s significant presence in the property investment sector, with a diverse portfolio that includes prime commercial, industrial, retail, and residential properties spread across Zimbabwe.
For the year ending December 31, 2024, the company’s revenue rose by 12% to US$7 million, up from US$6.3 million in 2023. Additionally, projects revenue accounted for 13% of the total revenue in 2024, down from 21% in 2023.
Property services revenue collection rate stood at 90% during the year, down from 95% at the end of December 2023. This decline was attributed to liquidity challenges prevailing in the economy towards the end of the year. However, the company is engaging with tenants to recover debts.
The company’s occupancy rates remained stable across various sectors, including industrial, retail, residential, and specialized sectors, achieving 100% occupancy throughout FY2024. However, the CBD sector experienced subdued performance, resulting in an overall occupancy rate of 88% at the end of the year.
