First Mutual Properties Limited has posted a turnaround in its financial performance for the third quarter ending September 30, 2025, reporting a consolidated profit after tax of US$1.8 million.
This marks a significant recovery from the US$60.3 million loss recorded over the same period in 2024.
The company attributed the turnaround to fair value gains on its investment properties and prudent management of liabilities. Total assets rose slightly by 1% to US$138.2 million, while total liabilities declined by 2% to US$20.8 million, resulting in shareholders’ equity increasing to US$117.4 million from US$115.7 million at the end of 2024.
“The strong recovery demonstrates the resilience of our business model despite operating in a complex and dynamic economic environment,” said the Group’s management. “Our focus on strategic investments and capital preservation has been critical in reversing prior losses.”
Revenue for the nine-month period grew marginally by 2% to US$6.6 million, reflecting steady operational performance. The management highlighted that the previous year’s loss of US$60.3 million was primarily non-operational, resulting from “artificial investment property losses following a change in functional currency as of 1 January 2024.”
The report also emphasised the growing dollarisation of the company’s revenue, with 86% now denominated in US dollars, up from 76% in the prior year.
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“The increase in USD-denominated revenue underlines our ability to adapt to Zimbabwe’s evolving economic landscape and positions us to benefit from diaspora-driven cash investments,” the management noted.
Occupancy levels, however, showed a slight decline, falling from 90.64% in September 2024 to 85.13% in September 2025.
Management acknowledged the challenge, stating, “While we continue to see rising demand for secure gated communities and commercial properties, maintaining high occupancy rates remains a priority, particularly in a market affected by economic uncertainty.”
No dividend has been declared for the quarter, as the Board prioritizes reinvesting profits to strengthen the Group’s position.
Management stated, “The 2025 property market presents both risks and rewards. Our future growth in affordable housing and commercial real estate will depend on economic stability, policy clarity, and continued infrastructure development.”
First Mutual Properties’ share price remained steady at ZWG$126.00 cents as of 20 November 2025, with total indicative trading liquidity over the past 12 months recorded at US$130.93K.
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