FBC Holdings Limited (FBCH) is developing a 72-cluster home project in Waterfalls as the financial services group plans to complete half of the units by year end, a company official has said.
In an interview with NewsDay last Friday, FBCH chief executive officer John Mushayavanhu said the new project is expected to be completed next year.
“We have received approval from the City of Harare to construct and our engineers will be on the ground soon,” Mushayavanhu said.
Mushayavanhu said the group currently has land banks in Helensvale, Springvale, Ruwa and Glen Lorne which it seeks to develop in the coming years.
“We are scouting for more land and negotiations are at an advanced stage with various land owners for joint venture,” Mushayavanhu said.
He said for the six months ended June 30, 2013 the group has sold 75 housing units with a total value of about $6 million.
Zimbabwe Stock Exchange-listed financial services group FBC Holdings (FBCH) has reported an $8,2 million profit for the six months to June compared to $6,9 million achieved during the same period last year, buoyed by growth in incomes.
The group’s total income recorded an increase of 0,1% million to $36,8 million from $36,7 million despite a Reserve Bank of Zimbabwe directive to cap interest rates and bank charges.
“Despite the harsh economic environment, the group sustained a positive performance, achieving a profit before tax of $10 million for the six months ended June 2013. This was driven by increased revenues from the financial services businesses as cost containment,” group chairman Herbert Nkala said.
“The increase was weighed down by the mandatory reduction of bank charges and interest margins as stipulated in the memorandum of understanding signed between the banking industry and the Reserve Bank of Zimbabwe. In addition, the subdued performance of the manufacturing sector also weighed down revenues.”
The group’s cost to income ratio, according to Nkala, improved to 73% from 75% compared with the corresponding period last year as a result of improved cost containment.