Key Business Points
- Icon Properties’ profit after tax increased by 27% to K24.4 billion in the year ended December 31, 2024, indicating a strong financial performance.
- The company’s total assets grew by 19% to K145.4 billion, while total revenue increased by 54% to K32.1 billion, demonstrating significant expansion and growth.
- Icon Properties is implementing a strategic growth plan to drive long-term value creation, resilience, and environmental stewardship, aiming to expand its presence in other sectors and geographic areas, which can be described as "kupezeka kwa upatu wake" or expanding its footprint.
Icon Properties, a Malawi Stock Exchange-listed company, recently engaged its stakeholders to announce its impressive financial performance for the year ended December 31, 2024. The company reported a profit after tax of K24.4 billion, which represents a 27% increase from the previous year’s K19.2 billion. This significant growth can be attributed to the company’s successful strategies and "njira za kukwela pa nchatiro" or pathways to success.
The company’s Chief Executive Officer, Washington Chimuzu, highlighted that Icon Properties’ total assets grew by 19% from K122.6 billion in 2023 to K145.4 billion in 2024. Additionally, total revenue increased by 54% from K20.9 billion in 2023 to K32.1 billion in 2024, demonstrating the company’s ability to "kuvutiska ntbutsi" or drive business growth.
In an interview, Chimuzu outlined the company’s plans to expand its presence in other sectors and geographic areas, which aligns with the national vision, Malawi 2063. He emphasized that the company is seeking to increase its base and presence in other areas across the country, which can be achieved through "kugwiritsa ntchito ma enterprise" or investing in enterprises. This strategic growth plan aims to drive long-term value creation, resilience, and environmental stewardship.
One of the shareholders, Mavuto Kapyepye, praised the company’s outstanding performance and commended its engagement with stakeholders on strategic aspirations. He noted that the company’s plans align with the national growth plans and bring excitement, demonstrating the potential for "mphatso za mwayi" or economic growth. Kapyepye also appreciated the company’s efforts to increase its presence in other sectors and geographic areas, which will contribute to the country’s overall development.
The company’s commitment to expansion and growth presents opportunities for local entrepreneurs and investors to partner with Icon Properties and contribute to the country’s economic development. As the company continues to implement its strategic growth plan, it is likely to create new opportunities for businesses and individuals in Malawi, which can be described as "kuletsa malo aubwana" or creating economic opportunities. With its strong financial performance and growth plans, Icon Properties is poised to make a significant impact on Malawi’s economy and business sector.
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