Tag Archives: MPICO plc

Netball, Sports

MPICO dangles MK40m for Central region Netball league sponsorship

Maravi Post Reporter

By Edwin Mbewe

LILONGWE-(MaraviPost)-Mpico a member of OLD MUTUAL Group,on Friday 7th June 2024 announced the central region Netball league Sponsorship increase from MK24 million to MK40 million.

Head of property Services at Mpico,Elliot Jambo made the announcement during the press briefing held at the Gateway Mall in the Capital Lilongwe.

“This increment significantly demonstrates our commitment to the development of the game of netball in Malawi which has always been our pride in raising our flag for the longest.

“Over the years, Mpico PLC has generously provided sponsorship to ensure the success and growth of this challenge”, he said.

“Through this initiative Mpico complements government’s efforts towards sports development while empowering the girl child by creating an enabling environment for girls to thrive.

“Let me commend netball fans who patronizes our league and central region committee for running the tournament professionally”, explains Jambo.

Netball Association of Malawi representative Cecilia Bondwe Mtukule hailed Mpico for the unwavering support saying the league has contributed to the development of the sport in the country.

Chairperson of the Central Region Netball Committee, Fernando Ligola was excited with the increase in the package.

“This show that Mpico cares for netball development. Let me promise the sponsors that the league will be run fairly, transparently. As a committee we are anticipating huge competition”, said Ligola.

During the press briefing, it was also revealed that this year’s prestigious Mpico Gateway Mall challenge will throw-off on 22nd June 2024.

Mpico who is a member of OLD Mutual Group started Sponsoring central region netball league in 2016 with money amounting to MK10.5 million and reaching thus far the company has invested MK184 million.

In the 2023 edition which happened to be the sixth since Mpico started pumping in money was participated by 17 teams and Blue Eagles Netball Team emerged the champions.

Business

MPICO Plc sponsors 2023 ICAM’s annual Lake conference with MK5m

Maravi Post Reporter

LILONGWE-(MaraviPost)-In its quest to strengthen corroboration in the financial sector, MPICO Plc, a subsidiary of Old Mutual Limited on Tuesday, August 22, 2023, donated MK5 million towards this years’s Institute of Chartered Accountants in Malawi (ICAM) Lake shore conference.

The conference is slated for September 14 to 16, 2023 at Sun ‘n’ Sand Holiday Resort in Mangochi under the theme “Creating Value, Building a Sustainable Economy – Towards Malawi 2063”.

MPICO’s Head of Property Services Elliot Jambo the donation was after realising the role accountants play in the country’s development.

“We recognize the indispensable role that ICAM plays in fostering excellence, knowledge sharing, and professional growth within the accounting community. We are glad to hand over a cheque of MK5 million to ICAM as our sponsorship to enable it successfully organize its annual Lake Conference.

“We hope will go a long way in adding value to the attendees’ professional development and experience at the conference This also presents a channel in which the attendees get to familiarise themselves with various companies including MPICO under the Old Mutual brand,” says Jambo.

He adds, “This year’s theme is critical because it centers on our shared vision as a nation. Malawi 2063. Old Mutual firmly believes in the power of collaboration and shared value.

“Against this background, we are always committed to building sustainable partnerships with various stakeholders, including professional bodies in Malawi where ICAM is a very significant player”.

In his remarks, ICAM President Moffat Ngalande lauded MPICO for timely support saying will go a long way towards a successful conference.

Ngalande therefore ICAM members to exercise professionalism for the country to attain the Malawi 2063 blueprint.

Business, Malawi

MPICO posts 3% profits in 2022 fiscal year

Lloyd M’bwana

LILONGWE-(MaraviPost)-The country’s leading provider of property solutions MPICO Plc which is also a member of Old Mutual Group has made 3% profits in 2022 financial year.

This is despite unfavorable economic environment business captains are encountering in the country.

MPICO Plc board Chairperson Edith Jiya told the Annual General Meeting (AGM) on Friday, June 30, 2023 in the capital Lilongwe that rental income increased by 3% to MK6.8 billion in 2022 from MK6.6 billion in 2021.

Jiya disclosed that the increase is mainly due to rent reviews and improved occupancy levels adding that total operating expenditure for the year marginally increased by 1% to K4.85 billion from MK4.79 billion in 2021.

“Profit after tax increased to MK8.1 billion in 2022 from MK6.4 billion in 2021, representing a year-on-year increase of 27% due to improved total income.

“Government debt increased to MK6.0 billion as at 31 December 2022 (2021: MK4.8 billion) and continued to negatively impact on Group’s operations. After the reporting date, further engagements with Property Market in Malawi,” she said.

Jiya added, “The property market was adversely affected by rising inflation, with rental adjustments lagging inflation, while rising interest rates challenged new investments in the sector. Post the COVID-19 pandemic, trends such as flexible working conditions lingered, continuing to affect office Occupancy.

“The 25% devaluation in May 2022 as well as increased cost from unstable supply of power and fuel led to increased operating costs for property owners. Rental adjustments however, lagged in an attempt to retain occupancy levels. The residential property sector was impacted by weak macroeconomic conditions”.

Jiya assures, “The Board will continue to monitor economic developments and take necessary precautionary and mitigating measures”.

Echoing on the same, Old Mutual Investment Group Limited Managing Director Mark Mkwamba observes that macroeconomic environment for 2022 remained challenging due to persistent fuel, electricity, and foreign currency shortages, which were exacerbated by the negative effects of the Russia-Ukraine war and weather-related shocks.

Mkwamba however hopes for the better in the new financial year with restoration of power amid high inflation, forex shortages and among others

By the year’s end, the real Gross Domestic Product (GDP) growth figures had been revised downward from an initial 4.0% to 0.9%, which was also a slowdown from the estimated growth of 2.2% for 2021.

Headline inflation reached a six-year high in 2022, averaging 21%, due to a surge in food prices and a multiplier effect from the 25% currency devaluation implemented in May 2022.

The listed equity return of 36.70% was above average inflation for the year, after another strong price return of 40.05% in 2021.

Money market yields were generally below inflation due to the cautious monetary policy stance aimed at simultaneously reining in inflation and supporting economic recovery.

Economic Outlook

The economy is projected to grow by 2.5% in 2023 in real terms according to the International Monetary Fund (IMF), compared to an estimated real GDP growth of 0.9% 2022.

The impact of cyclone Freddy combined with energy and foreign exchange shortages, may result in lower than projected economic growth.

In addition, headline inflation is projected to remain high in 2023 due to the impact of cyclone Freddy on maize output and pressure on Fuel and utility prices.

Netball, Sports

Nam lauds MPICO for MK24m central region netball league

Maravi Post Reporter

By Edwin Mbewe

LILONGWE-(MaraviPost)-Netball Association of Malawi (NAM) has lauded MPICO Plc for returning Central Region netball championship sponsorship.

Association’s General Secretary Isaac Chimwala made the remarks on Wednesday, June 14, 2023 at MPICO Gateway Mall boardroom when the company unveiled the MK24 million Central Region Netball League sponsorship.

“This is a very exciting news considering that there has been a drought in the central region in terms of sponsorship. The region has been the hub for talent that feeds into the national team. I will mention names like Takondwa Lwazi and Joyce Mvula, they all come from Central region and this is so because we had MPICO very active.

“We had a break as Covid-19 played its tricks, but now that they are back with a bang we are so excited as we know that the foundation is now solid hence we thank the management of MPICO for this timely sponsorship and we know the future is more than bright”, Chimwala said.

Daniel Nyirenda the vice General Secretary for Central Region Netball Committee vowed to use the sponsorship package for its intended purpose so that they impress the sponsors with an aim of maintaining them next year.

In his speech head of property Services at MPICO plc Elliot Jambo said this initiative aims to complement the Government’s efforts in sports development and create an enabling environment for the girls to thrive, empowering them through netball.

“As the Gateway Mall we are committed to sponsor this annual event as our contribution to positively impact young girls in the country through sports development. We believe the Central Region netball committee will continue being transparent. We expect netball to grow in the region and Malawi through this Sponsorship”, Said Nyirenda.

MPICO plc has been sponsoring the Central Region Netball League since 2016 with the MK10.5 million investment.

The company has so far pumped in over MK144 million to the netball sponsorship since they started and only Central Region teams take part.

Blue Eagles Netball team are the current defending champions of the league.

Business

MPICO Plc donates MK1m towards Lilongwe City Summit

Maravi Post Reporter

LILONGWE-(MaraviPost)-A leading provider of landed property solutions in Malawi, MPICO Plc has donated MK1 million to Lilongwe City Council towards City Summit on May 24, 2023 at the Bingu International Conventional Centre (BICC) in Lilongwe.

Speaking during the sponsorship presentation ceremony, Elliot Jambo, the company’s Head of Property Services said the company was delighted to support the hosting of the summit which serves as a platform for collaboration, innovation, and the exchange of ideas that will shape the future of Lilongwe city.

Jambo said “By hosting this event, Lilongwe showcases its potential as a hub of opportunity and progress. With our sponsorship contribution, we aim to support the successful organisation and execution of the Summit”.

According to Jambo, through the sponsorship, MPICO Plc hopes to strengthen its partnership with Lilongwe City Council which it shares a common understanding of driving economic growth, sustainable development, and social progress.

“You may wish to know, MPICO Plc is committed to contribute to helping Malawi achieve the Malawi 2063 aspirations, particularly pillar number three which speaks to urbanisation. Our company aligns with the vision that Urban centers are critical for the economy. They provide jobs, markets, and efficient land use” he said.

Speaking on behalf of the Mayor, Lilongwe City Council Chief Executive Officer, Dr. Macloud Kadammanja said the council is grateful to MPICO for the sponsorship and assured the company that the sponsorship will contribute to the success of the summit.

“This sponsorship is a relief to us for it has saved us from the foreseen and unforeseen problems that we are facing as we are preparing for this summit,” he said.

The Lilongwe City Summit brought together stakeholders from various sectors to strategise and collaborate in the development of the city.

MPICO is a member of Old Mutual (Malawi) Limited, a leading financial services provider in Malawi.

Business

MPICO up with Lilongwe’s end of year choral concert

Maravi Post Reporter
Eliot Jambo

BLANTYRE-(MaraviPost)-A leading provider of landed property solutions in Malawi and a member of the Old Mutual Group, MPICO plc has organised a choral concert dubbed The Gateway End Of Year Concert scheduled for 17 December 2022 at the magnificent The Gateway Mall in Lilongwe.

The free concert which is the first to be organized by the company after the COVID-19 pandemic will start at 1PM and finish at 5 PM.

The concert will bring together some notable choirs in the capital city including Kaning’a Praise Team, Lilongwe Community Choir, Sea of Glass, United 4 Worship, Salvation Army Brass Band just to mention a few to perform.

Speaking to why the company is organising the concert, Elliot Jambo, MPICO’s Head of Property Services said their business understands the mood that end of year festivities bring to communities as a time to give and this concert is a demonstration of the same.

“We are a responsible business; we are always guided by this philosophy, and we desire and strive every day to positively impact the communities where we operate in beside providing first class service to our customers and value to shareholders,” he said.

Before the end of year concert, the company will reach out to the elderly through the Malawi Network of the Older Persons Organisation (MANEPO) in Lilongwe and Hope House Orphan Care in Dowa district where it is expected to donate assorted items including food stuffs and cleaning detergents.

“We are inviting people to join us in these two activities. As we are enjoying the festive season, it is important for people to come together, interact and share what they have with those who are lacking,” said Jambo.

MPICO plc was established in 1972 and largely its business interests are in providing accommodation solutions for businesses as well as households.

The company owns Office and Retail Accommodation, Residential, Industrial and Shopping Centres, and it has branches in Lilongwe, Blantyre and Mzuzu.

The Gateway is under MPICO plc subsidiary, MPICO Malls Limited.

Business

MPICO plc posts MK6.4bn profits

Angella Semu

BLANTYRE-(MaraviPost)-MPICO plc has registered MK6.4 billion profit after tax in 2021 the financial year that ended on December, 31,2021, an increase from MK4.3 billion in year 2020 despite the COVID-19 pandemic.

The Group’s board chairperson, Edith Jiya, confirmed the news during the group’s 49th Annual General Meeting (AGM) held in Blantyre.

Edith Jiya,MPICO board chairperson

According to the group, the first part of this year started with numerous challenges that impacted the business’ operations negatively, however, MPICO Plc has remained resistant.

The Group’s chairperson revealed that the company has put in place strategies to cushion against the numerous challenges and it is still optimistic that it will make progress in this financial year.

During the meeting, Jiya also disclosed that the group’s biggest rentals in arrears are owned by the government which is making it difficult for the group to carry out other programs in order to provide quality services to it’s customers.

“Rentals in arrears are impacting us negatively as a property business. The significant chunk of our resources goes to maintenance but due to the delays in payments, we are unable to carry out our maintenance programs within the required timelines.

“Government as our main client was occupying 46%, but due to the outstanding rental arrears it has been incurring, we are looking at finding other clients and allow the the government to have at least 26% of occupancy,” said Jiya.

The group chairperson who is also Old Mutual (Malawi) plc group chief executive officer revealed that government had 3.8 billion remaining balance from the K8.7 billion in rental arrears as of August last year and 3.1 billion was paid out with the commitment to settle the remaining balance in October this year.

The country’s leading real estate and properties managing company has attained a total indicative share trading liquidity of US$601.59K (MWK1.19B), an average of US$50.13K (MK99.06M) per month in the past 12 months, as of 5th June 2022.

The group pointed out that power supply, COVID-19 pandemic and rising inflation are some of challenges impacting the company’s operations hence the need find alternative solutions for business transactions to prevent additional cost to the businesses.

As a company that cares for the wellbeing of its employees, the group revealed that it recently raised the salaries of it’s employees as one way of combating the high cost of living in the country.

MPICO plc, subsidiary of Old Mutual Group, was incorporated in Malawi under the Companies Act, 2013 of Malawi. The Group has 27 investment properties in Malawi occupied by government and the private sector and is listed on Malawi stock exchange.