Masholds reports 36% drop in H1 profit
SAMANTHA MADE
Mashonaland Holdings Limited, a leading property and development company, has reported a profit after tax of US$1.57m for the first half of the year, reflecting a 36% decline from last year’s US$2.38m.
The company’s chairperson, Engineer Grace Bema, attributed the reduction to losses on investments held for trading.
“The group reported a profit after tax of US$1.57 m, a 36% decrease from the previous year’s profit of US$2.38 m. This reduction was largely due to fair value losses on investments held for trading,” Engineer Bema said.
Despite the drop in profit, MashHoldings recorded a 1% increase in revenue, collecting US$3.66 m compared to the prior year.
“The company posted revenue of US$3.66 million, 1% above the prior year,” Engineer Bema noted.
Rental income also showed growth, rising 15% from US$2.7 m to US$3.1 m, driven by the onboarding of new tenants at the Pomona Commercial Centre, which was completed in the fourth quarter of 2024.
Engineer Bema highlighted that although the group did not secure significant revenue from development projects in the first half, second-half performance is expected to improve. This optimism is linked to the Greendale cluster stands project, which has been fully sold off-plan.
Looking ahead, Engineer Bema said the company would maintain a cautious approach to development, focusing on high-yield and affordable housing projects.
“The company will remain focused on commercializing its investments and making investments in high-demand developmental projects,” she added.
