29 March 2018

Zimbabwe: Dawn Properties in U.S.$4 Million Debt

Zimbabwe Stock Exchange listed company, Dawn Properties Limited total debt for the year ended 31 December 2017 stood at US$4.4 million following the construction of the 58 residential cluster units in Marlborough and the purchase of 2.2 ha of land within the Harare Gardens from City of Harare.

The group total income closed at US$7.1 million compared to US$4.4 million recorded in 2016 and the group chairman, Phibion Gwatidzo said the significant difference is attributed to a net fair value gain recorded in 2017 amounting to US$1.9 million compared to a loss of US$69 000 in 2016.

"The significant difference is attributed to a net fair value gain recorded in 2017 amounting to US$1.9 million compared to a loss of US$69 000 in 2016.

"Operating expenses amounted to US$2.9 million compared with US$2.7 million for the same period last year, representing a 8% increase in costs.

" The significant increase came on the back of renovation work in some of the hotel property portfolio, which was expensed rather than capitalised," he said.

Gwatidzo added that the Group recorded a profit for the year amounting to US$3.0 million compared to US$1.0 million recorded in 2016.

"The Group recorded a profit for the year amounting to US$3.0 million compared to US$1.0 million recorded in 2016.

"Rental revenue earned for the 2017 financial period was at US$3.0 million compared to US$2.3 million for the same period last year.

"While overall all the properties performed better than last year, the total increase of 29% was mainly attributable to increases rentals from Elephant Hills Resort and Conference Centre, Hwange Safari Lodge and Caribbea Bay Hotel," said Gwatidzo.

Dawn Properties Board declared a final dividend of US$274 860, being US$0.000112 per share (0.0112 US cents per share) for the year ended 31 December 2017.

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