Tag Archives: Old Mutual Group

Business, Regional

Old Mutual Africa region staff members off to Brazil for vacation

MaraviPost

BLANTYRE-(MaraviPost)-A leading Pan-African Financial Service provider, Old Mutual Limited has sent its top performing staff within the Africa Regions to Rio De Janeiro in Brazil for the annual Offshore holiday trips.

Of the 74 members of staff who travelled on 7 June and returning on 15 June, 9 are from Old Mutual Malawi. Other countries with qualified individuals include Kenya, Rwanda, South Sudan, Uganda, Zimbabwe, Botswana, ESwatini, Ghana, Namibia, and South Africa.

Speaking in an interview, Old Mutual Malawi Group Chief Executive Officer, Tavona Biza said they are excited that Malawi has individuals who have qualified for this prestigious all expense paid for trip.

“I should mention that this is one of the most exciting trips, that Old Mutual plans for its staff as an incentive in recognition for their hard work.

“Staff members are given a chance to travel with their spounces or loved ones and spend a week away, enjoying various tourist destination sites,” he said.

According to Tavona, the offshore trip is one the incentives that the business gives to its staff, others include, Onshore trip within Africa, which is administered locally, and every individual stands an equal chance of qualifying.

Tavona further said, “The goal is to have motivated staff that feel rewarded and recognised for their efforts. We are a business that values growth and prioritise employee wellbeing. Our staff is the most important resource we have, and it is important that they are well taken care of”.

One of the staff members travelling, Wabwino Kumtambila who is Old Mutual Malawi’s I.T Support Officer, expressed excitement saying it feels good when your efforts are recognised.

Kuntambila said, “This is one great incentive, and I am grateful to Old Mutual. I will keep working hard because I would want to experience this again”.

Others travelling are Nancy Tembo, Tamandani Banda, Manjaaluso Phiri, Johnas Mwanja, David Masasa, Timanyechi Phokoso, Richard Butao and Linda Kunsinda.

Previously, other staff members travelled to destinations on both offshore and onshore trips including Thailand, Singapore, Berlin, South Africa and Namibia.

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.

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.