Mabvuku Supermarket – at a total cost of US$1,63 million.
The project was completed in December.
In view of this development, Pearl Properties non-executive chairman Mr Tendai Kundishora said the company’s proposed plan for the construction of the Kamfinsa Cluster Housing project is earmarked to commence later this year.
According to the property developer its IPO fund, as at December 31, was valued at US$1,8 million following the application of US$3,02 million towards the construction of supermarkets at Northend in Bulawayo and Mabvuku.
Pearl’s financial performance in the 2010 fiscal year was characterised by an upturn in most key fundamentals.
For the full year to December 31 2010, Pearl Properties registered an operating profit (before tax and fair value adjustments) of US$5,4 million compared to US$3,1 million in the parallel period, a growth of 75 percent.
The company’s total administration costs amounted to US$3,2 million, and were fully funded from operational income maintaining a cost to income ratio of 40,01 percent.
Profit for the year rose by 560 percent to US$16,2 million, from US$2,4 million in the 2009 year.
Pearl’s rental income during the period under review improved by 67 percent to US$7 million, from US$4,2 million in the prior comparable period. Total assets during the period rose by 17 percent.
The company’s positive performance was largely buoyed by improved performance of rentals during the course of the 2010 year.
“The growth in rentals was experienced across all the sectors, as management re-priced the available space to competitive levels required to meet the target re-investment rate as well as support the maintenance programmes,” said Mr Kundishora.
Nonetheless, Zimbabwe’s rental performance continues to lag behind regional benchmarks due to the constrained performance of the local economy.
Expectedly, total shareholders’ equity grew by 18 percent to US$89 million largely driven by the company’s profitability and investment property valuation gains.
Pearl’s board of directors has since resolved to declare a final dividend of US$0,06 cents per share for the period.

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