• Sun. Apr 14th, 2024

FMP appoint Tshabalala as finance executive

ByEconomic Times

May 3, 2023

By ETimes

First Mutual Properties has appointed Mr. Dumisani Tsabalala as their finance executive, the company said in a statement.

The company said, “First Mutual Properties Limited is pleased to announce the appointment of Mr. Dumisani Leroy Tshabalala as Finance Executive with effect from January 1, 2023.”

According to the statement, Mr. Tshabalala is responsible for providing strategic and operational leadership of all financial functions under First Mutual Properties.

“Prior to this appointment, Dumisani was First Mutual Holdings Limited’s group finance executive and prior to that was a finance manager for First Mutual Health Services having joined the group in 2020,” the statement read.

This has gained him experience in financial reporting, corporate finance project management, project financing and auditing as Mr. Tshabalala is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants Zimbabwe (ICAZ) and is a registered public accountant.

In the year ended December 31, 2022, the company’s foreign and local currency rental mix was 70 percent to 30 percent, enabling the company to preserve value from foreign currency and inflation risks.

“The group’s inflation adjusted net property income after administration expenses was $140,5 million despite a 42 percent growth in inflation adjusted revenue to $2,9 billion. In historical terms, revenue grew by 342 percent from $475,4 million in December 2021 to $2,1 billion largely due to the repricing of rentals and relatively good occupancy that stood at 85,5 percent,” the company said.

First Mutual Properties, is a real estate company with vested interests in the development and management of commercial properties in the major towns in the country.

The company has a significant property portfolio, comprising some 122 300 square metres of lettable space made up of office parks, retail shops, commercial and industrial property. It owns and manages 41 buildings in the major economic hubs of the country, including high-rise commercial buildings, industrial and warehouse properties and retail outlets.

First Mutual Properties also has a residential trading stock of two- and three-bedroomed garden flats in Harare’s Avondale suburb – Harare

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