SUMMARY UNAUDITED CONSOLIDATED AND SEPARATE RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
MPICO PLC REG. NO COYR-A5K1E78
SUMMARY CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS
CONSOLIDATED | CONSOLIDATED | CONSOLIDATED | SEPARATE | SEPARATE | SEPARATE | |
UNAUDITED | UNAUDITED | AUDITED | UNAUDITED | UNAUDITED | AUDITED | |
6 months to | 6 months to | 12 months to | 6 months to | 6 months to | 12 months to | |
30-Jun-23 | 30-Jun-22 | 31-Dec-22 | 30-Jun-23 | 30-Jun-22 | 31-Dec-22 | |
K'000 | K'000 | K'000 | K'000 | K'000 | K'000 | |
Rental income | 3,461,347 | 3,303,084 | 6,841,041 | 1,262,887 | 1,228,331 | 2,468,693 |
Increase in fair value of investment properties | 4,475,800 | 3,322,300 | 6,690,900 | 1,567,800 | 1,156,000 | 2,428,500 |
Other income | 672,109 | 459,716 | 1,027,878 | 886,751 | 817,538 | 1,183,365 |
Dividend income from subsidiaries | - | - | - | 400,000 | 974,000 | 1,716,000 |
Total income | 8,609,256 | 7,085,100 | 14,559,819 | 4,117,438 | 4,175,869 | 7,796,558 |
Total operating expenses and finance costs | ||||||
(2,729,115) | (2,116,759) | (5,554,560) | (1,701,616) | (1,288,810) | (3,543,388) | |
Profit before income tax | 5,880,141 | 4,968,341 | 9,005,259 | 2,415,822 | 2,887,059 | 4,253,170 |
Income tax expense | (798,210) | (1,807,000) | (867,783) | (290,249) | (650,246) | (784,832) |
Profit after taxation for the period | 5,081,931 | 3,161,341 | 8,137,476 | 2,125,573 | 2,236,813 | 3,468,338 |
APPROPRIATION OF PROFIT FOR THE PERIOD | 1,453,943 | |||||
Realisable profits | 778,545 | 968,905 | 1,089,817 | 703,860 | 1,600,247 | |
Unrealisable profits | 2,989,030 | 1,554,150 | 4,636,627 | 1,421,713 | 782,870 | 1,868,091 |
Amount attributable to members of the parent company | 3,767,575 | 2,523,055 | 5,726,444 | 2,125,573 | 2,236,813 | 3,468,338 |
Amount attributable to non-controlling interests | 1,314,356 | 638,286 | 2,411,032 | - | - | - |
5,081,931 | 3,161,341 | 8,137,476 | 2,125,573 | 2,236,813 | 3,468,338 | |
Earnings per share (tambala) | 163.9 | 109.8 | 249.2 | |||
Analysed as: | ||||||
- Realisable (tambala) | 33.9 | 42.2 | 47.4 | |||
- Unrealisable (tambala) | 130.1 | 67.6 | 201.8 | |||
Number of shares used for calculation | 2,298,047,460 | 2,298,047,460 | 2,298,047,460 | |||
STATEMENTS OF FINANCIAL POSITION
EQUITY AND LIABILITIES | ||||||
Ordinary share capital | 114,902 | 114,902 | 114,902 | 114,902 | 114,902 | 114,902 |
Realisable reserves | 6,684,909 | 6,543,807 | 5,906,364 | 10,403,808 | 10,312,003 | 9,699,948 |
Unrealisable reserves | 40,632,584 | 34,561,081 | 37,643,559 | 19,462,506 | 16,955,573 | 18,040,792 |
Share Premium | 8,626,938 | 8,626,938 | 8,626,938 | 8,626,938 | 8,626,938 | 8,626,938 |
EQUITY ATTRIBUTABLE TO OWNERS OF PARENT COMPANY | 56,059,333 | 49,846,728 | 52,291,763 | 38,608,154 | 36,009,416 | 36,482,580 |
Non-controlling interests | 24,622,956 | 21,793,862 | 23,308,595 | - | - | - |
TOTAL EQUITY | 80,682,289 | 71,640,590 | 75,600,358 | 38,608,154 | 36,009,416 | 36,482,580 |
LIABILITIES | 11,532,492 | 14,407,488 | 11,159,743 | 5,908,991 | 5,608,443 | 5,751,748 |
Non-current liabilities | ||||||
Current liabilities | 11,532,492 | 14,407,488 | 11,159,743 | 5,908,991 | 5,608,443 | 5,751,748 |
5,995,359 | 1,185,632 | 5,729,067 | 1,902,708 | 403,063 | 1,433,427 | |
Borrowings and trade payables | ||||||
Bank overdraft | 705,499 | 556,095 | - | 705,499 | 556,095 | - |
TOTAL LIABILITIES | 6,700,858 | 1,741,727 | 5,729,067 | 2,608,207 | 959,158 | 1,433,427 |
18,233,350 | 16,149,215 | 16,888,810 | 8,517,198 | 6,567,601 | 7,185,175 | |
TOTAL EQUITY AND LIABILITIES | 98,915,639 | 87,789,805 | 92,489,168 | 47,125,352 | 42,577,017 | 43,667,755 |
ASSETS | ||||||
NON-CURRENT ASSETS | 82,262,546 | 74,418,146 | 77,786,747 | 25,496,507 | 22,656,207 | 23,928,707 |
Investment properties | ||||||
Other assets | 3,358,488 | 1,809,340 | 3,415,988 | 14,911,775 | 14,973,670 | 14,943,309 |
Total non-current assets | 85,621,034 | 76,227,486 | 81,202,735 | 40,408,282 | 37,629,877 | 38,872,016 |
CURRENT ASSETS | 9,928,748 | 7,917,661 | 10,906,779 | 5,693,576 | 3,836,051 | 4,720,415 |
Trade and other receivables | ||||||
Promissory notes receivable | 2,986,511 | 3,068,982 | - | 877,455 | 760,250 | - |
Cash and bank equivalents | 379,346 | 575,676 | 379,654 | 146,039 | 350,839 | 75,324 |
Total current assets | 13,294,605 | 11,562,319 | 11,286,433 | 6,717,070 | 4,947,140 | 4,795,739 |
TOTAL ASSETS | 98,915,639 | 87,789,805 | 92,489,168 | 47,125,352 | 42,577,017 | 43,667,755 |
CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY
At the beginning of the period | 75,600,358 | 68,805,249 | 68,805,249 | 36,482,580 | 33,772,602 | 33,772,602 |
Realisable profit for the period | 778,545 | 968,905 | 1,089,817 | 703,860 | 1,453,943 | 1,600,247 |
Amount attributable to minority interests | 1,314,356 | 638,286 | 2,411,024 | - | - | - |
Unrealisable profit for the period | 2,989,030 | 1,554,150 | 4,636,627 | 1,421,713 | 782,870 | 1,868,090 |
Dividend declared - Final 2021 | - | - | (436,631) | - | - | (436,631) |
Dividend declared - Interim 2022 | - | - | (321,728) | - | - | (321,728) |
Dividend declared to minority interests | - | (326,000) | (584,000) | - | - | - |
At the end of the period | ||||||
80,682,289 | 71,640,590 | 75,600,358 | 38,608,154 | 36,009,416 | 36,482,580 |
SUMMARY CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS
CONSOLIDATED | CONSOLIDATED | CONSOLIDATED | SEPARATE | SEPARATE | SEPARATE | |
UNAUDITED | UNAUDITED | AUDITED | UNAUDITED | UNAUDITED | AUDITED | |
6 months to | 6 months to | 12 months to | 6 months to | 6 months to | 12 months to | |
30-Jun-23 | 30-Jun-22 | 31-Dec-22 | 30-Jun-23 | 30-Jun-22 | 31-Dec-22 | |
K'000 | K'000 | K'000 | K'000 | K'000 | K'000 | |
Cash flows from operating activities | (205,722) | 2,468,190 | 4,103,207 | (614,128) | 1,364,435 | 1,244,935 |
Return on investment and servicing of finance | ||||||
Dividend received | - | - | - | - | 374,000 | 1,716,000 |
Interest received | 625,908 | 417,294 | 900,847 | 194,027 | 130,981 | 284,096 |
Interest paid | (374,755) | (363,636) | (720,909) | (53,015) | (96,467) | (167,126) |
Dividend paid | - | - | (758,359) | - | - | (758,359) |
Dividend paid outside shareholders, including tax | - | (326,000) | (584,000) | - | - | - |
Net cash flows from returns on investment and servicing of finance | 45,431 | 2,195,848 | 2,940,786 | (473,116) | 1,772,949 | 2,319,546 |
Income tax paid | (468,151) | (1,310,295) | (1,443,688) | (165,370) | (948,493) | (1,209,198) |
Net cash flows generated from operating activities | (422,720) | 885,553 | 1,497,098 | (638,486) | 824,456 | 1,110,348 |
Purchase of property, plant and equipment and additions to investment properties | (4,508) | (10,665) | (30,628) | (3,050) | (8,830) | (23,442) |
Proceeds on disposal of non-current assets | (833) | 282 | 2,223 | (833) | 282 | 2,223 |
Staff long-term loan movements | 7,585 | 5,965 | 13,324 | 7,585 | 5,965 | 13,324 |
Net cash used in investing activities | 2,244 | (4,418) | (15,081) | 3,702 | (2,583) | (7,895) |
Net cash flow before financing activities | (420,476) | 881,135 | 1,482,017 | (634,784) | 821,873 | 1,102,453 |
Repayment of borrowings | (285,331) | (196,286) | (437,095) | - | - | - |
Net cash used in financing activities | (285,331) | (196,286) | (437,095) | - | - | - |
NET INCREASE IN CASH AND CASH EQUIVALENT | (705,807) | 684,849 | 1,044,922 | (634,784) | 821,873 | 1,102,453 |
Cash and cash equivalents at the beginning of the period | 379,654 | (665,268) | (665,268) | 75,324 | (1,027,129) | (1,027,129) |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | (326,153) | 19,581 | 379,654 | (559,460) | (205,256) | 75,324 |
REVIEW OF MID-YEAR RESULTS
The MPICO plc Board is pleased to announce the unaudited results of the Group for the half year ended 30 June 2023.
Rental income increased by 5% to MK3.46 billion from MK3.30 billion in June 2022 due to rent reviews and improved occupancy levels. Fair value gains for the period increased to MK4.48 billion from MK3.32 billion in the corresponding period last year representing a 35% movement. Total operating expenditure for the period increased by 29% to MK2.73 billion from MK2.11 billion in 2022 due to inflationary pressures.
Profit after tax increased to MK5.08 billion in June 2023 from K3.16 billion in June 2022, representing a year-on-year increase of 61% due to improved income.
Government rental arrears decreased to MK4.9 billion as at 30 June 2023 from K6.0 billion owing as at 31 December 2022. This was due to payments made by Government through promissory notes in March and April 2023. Arrears as at 31 July 2023 had reduced further to MK3.7 billion after the Government had issued further promissory notes of MK1.6 billion.
OUTLOOK
The economy continues to experience head-winds emanating from uncertain weather patterns, and foreign currency and power supply shortages. Real GDP growth is therefore projected to average a modest 1.7% in 2023, which is a downward revision from the earlier projection of 2.2%. In 2022 real GDP growth was estimated at 0.8%. Inflation on the other hand is projected to remain elevated following potential further hikes in utility tariffs and energy prices, as well as sustained rising maize prices. Due to the projected increase in headline inflation, the tight monetary policy stance, interest rates will likely remain high.
The Board will continue to monitor the developments surrounding the economic environment and take the necessary mitigating measures to sustain the business.
DIVIDEND
The Board of Directors has resolved to declare no dividend for the period (2022:Nil), but will assess the position as the year progresses.
By order of the Board.
Edith Jiya | Chris Kapanga |
Chairperson | Director |
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MPICO plc published this content on 28 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2023 06:58:06 UTC.