TINASHE MAKICHI
Financial services group, First Mutual Holdings Limited reported an 8% increase in total income for the nine months to September 30,2021 to ZWL$10.9bn from ZWL$10.1bn in the prior comparative period, on the back of more than expected higher premium earned, Business Times can report.
Net premium earned surged 88% to ZWL$6.5 bn in the reviewed period from ZWL$3.5bn reported in the same period last year.
Rental income for the group during the period under review grew to ZWL$365m from ZWL$228m due to quarterly rental reviews and improvement in the occupancy rates to 89.48% compared to 88.22% in 2020.
However, administration expenses increased by 102% partly as a result of inflation and also in line with foreign exchange rate movements for foreign currency denominated expenses.
Total assets grew by 21% from December 2020 driven by positive gains realised in listed equity investments, fair value gains on investment property and revaluation of foreign denominated assets.
