UDCORP records a 241% increase in profit

Rutendo Mazhindu

ZimNow Reporter

The Urban Development Corporation held its inaugural Annual General Meeting to present the 2023 Annual Report at the Cresta Jameson Hotel in Harare, in accordance with the Public Entities Corporate Governance Act Chapter 10:31 No. 4 of 2018.

The Acting Board Chairperson introduced the Corporation's Annual Report for the financial year ending December 31, 2023. The report reflected on the Corporation’s performance against the targets set in the Strategic Plan.

Chief Executive Officer, Shumbamhini reported a 241% improvement in profit compared to the inflation-adjusted loss of ZWL$2.69 million recorded in 2022.

Key drivers of this profit included cost containment, increased revenue from external audits and capacity-building services, investment property revaluation, and sales of Knockmalloch stands.

The Corporation engaged the Ministry of Local Government and Public Works, the principal contractor, to conduct a value-for-money exercise and reassess the projects' Bill of Quantities.

Additionally, a multi-stakeholder team was established, comprising UDCORP, the Ministry of Local Government and Public Works, and the Ministry of National Housing and Social Amenities, to research areas for improvement under the UDCORP Act.

Deputy Minister of National Housing and Social Amenities, Musa Ncube, stated, “The Corporation is now back on track with the National Development Strategy 1 and is expected to play a key role in housing delivery.”

She emphasised that the Minister of National Housing and Social Amenities is coordinating efforts in housing and infrastructure delivery, working with both private and public sectors.

“We anticipate being a leading player in the delivery of housing and infrastructure,” she added.