Zimbabwe Stock Exchange  bull run boosts First Mutual net income


0

First Mutual Holdings’ net income for the five months to May jumped by 44 percent to $4.36 million, spurred by an increase in investment income.

The Zimbabwe Stock Exchange has enjoyed a steady run since November last year.

In the year to date, its market capitalisation has grown by a third to $5.330 billion as at end of day yesterday.

Chief executive Douglas Hoto told shareholders at the company’s general meeting that total investment income had risen from a loss of $581 000 during the same period last year to $5.52 million driven by a bull run on the local bourse where the company is invested.

Gross Premiums Written (GPW) fell by two percent from $49.08 million to $47.99 million in the five month period.

Rental income was down five percent from $2.8 million to $2.6 million, primarily because of downward reviews of rentals.

Occupancy remained flat around 72 percent throughout the group’s property portfolio. 

Total expenses were lower at $10.9 million from $11 million incurred in the same period last year as the claims ratio fell below 80 percent in the period.

Operating profit, however, dropped by 14 percent from $3.2 million last year to $2.8 million.- The Source

(24 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

0
The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

0 Comments

Your email address will not be published. Required fields are marked *