Mashonaland Holdings revenue for the six months ended 31 March 2020 rose 46% to ZWL$149.4 million from ZWL$102.6 million in the comparative period backed by period rental reviews to hedge against the effects of inflation.
According to the property firm, occupancy increased from 77.4% to 79.7%, which also contributed to the revenue growth.
Operating expenses to the revenue declined marginally from 47% to 46%.
As a result of revenue growth, operating profit rose 29% to ZWL$83 million from ZWL$64 million in the comparable period last year.
Collections remained resilient at 94% up from 91% in the comparative period.
“The collaborative business relationships with tenants and a robust on-boarding process continue to sustain collections,” said the group.
Charter House reconfiguration works to a boutique hotel are poised to start in the second half of the year. The Charter House plan was part of several projects whose implementation had been affected by the Covid-19 outbreak. The multi-storey Charter House is one of the oldest real estate gems in Harare.
If it was not pandemic, onsite works were targeted to begin in Q1 2021. Again, this was affected by month-long restrictions which were first imposed in early January and later prolonged until February.
It declared an interim dividend amounting to ZWL$21.93 million – Harare