Africa-Press – Zimbabwe. FIRST Mutual Properties (FMP) is back in the black in the nine months to September 2025, posting a US$1,8 million profit after tax from a loss in the comparable period last year, driven by fair value gains in its property portfolio.
In the same period last year, FMP posted a loss of US$60,3 million.
During the period under review, FMP’s investment portfolio inched up 0,9% to US$134,2 million from the comparable period last year.
FMP recorded fair value gains of US$1,4 million on its investment properties, a sharp reversal from the US$54,9 million loss posted in the prior year.
Consequently, FMP overturned its loss-making position to post a profit after tax during the period under review.
“The group’s total assets grew by 1% to US$138,2 million compared to the 31 December 2024 position of US$137 million. The growth was mainly driven by increases in net fair value adjustments on investment properties. Liabilities declined by 2%, from US$21,2 million in 2024 to US$20,8 million as of 30 September 2025.”
FMP’s rental income grew during the nine months of the financial year by 2% to US$6,6 million from the same period last year.
“Fair value gains on investment property of US$1,4 million were recorded, recovering from a loss of US$54,9 million in 2024,” FMP said.
“The 2024 loss was mainly non-operational, driven by artificial investment property losses driven by a change in functional currency as of 1 January 2024.”
FMP said the operating environment remained complex and dynamic, characterised by a growing cash economy.
In the period under review, the US dollar was the primary transacting currency across all sectors of the economy.
This trend was reflected in the group’s performance, as FMP reported that the US dollar-denominated revenue contributed 86% of total revenue for the period under review.
The revenue contribution was up from 76% in the same period last year.
FMP reported that the Zimbabwe property market has seen rising demand for secure gated community developments, driven by a surge in diaspora-driven cash investments.
“Premium residential suburbs like Borrowdale and Mount Pleasant continue to appreciate, coupled with effective solar and water solutions,” FMP said.
“New commercial property developments continue in the mixed-use, office park, retail and leisure property sector.”
FMP said the 2025 Zimbabwean property market presented both risks and rewards, with potential growth in affordable housing, commercial real estate and diaspora-driven investments.
“Success will depend on economic stability, policy clarity and infrastructure development,” FMP said.
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