One of the country’s major Real Estate and property managing firms, MPICO plc which is under Old Mutual Group has registered a profit of MK10.93 billion before tax, in 2023 up from K9.0 billion in 2022.
The profit was attributed to an improved income at MK17.35 billion (2022: MK14.56 billion).
The profit has increased by 21 percent.
This is according to the results of the Group for the year ended, December 31, 2023.
MPICO plc Board Chairperson, Edith Jiya revealed this during the Annual General Meeting (AGM) with its investors held at Amaryllis Hotel in Blantyre on Friday.
However, Jiya said MPICO registered a profit decrease after tax by 13 percent to MK7.07 billion in 2023 from MK8.14 billion in 2022.
Jiya attributed the decrease to once-off deferred tax adjustment of MK2.6 billion following de-recognition of prior year deferred tax assets relating to investment properties.
Drama ensued during the AGM as some minority shareholders protested the re-appointment of Auditors from Deloitte.
The minority shareholders questioned the criteria used in the re-appointment of the Auditors from Deloitte considering the fact that the film was penalized over the MK44 billion Auction Holdings Limited (AHL) loss.
This resulted into a heated debate in the room forcing the Chairperson of the AGM, Edith Jiya to call for a voting which favoured the majority shareholders who were pro-Deloitte Auditors.
The AGM also saw the appointment of Airtel Malawi Managing Director Charles Kamoto into MPICO plc Board of Directors.
Kamoto was confirmed together with Edmurd Hami and Dr. Peter Matipwiri.
