OLD Mutual Zimbabwe Limited (OMZ) investments continue to be skewed towards alternative investments and infrastructure, with the firm securing US$60 million in credit lines last year.
In its financial year ended December 31, 2024, OMZ chairperson Kumbirayi Katsande said the credit lines supported key sectors of the economy.
“Investment activities continued to be skewed towards alternative investments and infrastructure. Notable projects during the period, include investment in a 25MW (megawatt) plant near Harare, and a 5MW hydro plant, both of which were completed and are now generating power for the national grid,” he said.
“In the banking business, we sustained lines of credit, with new facilities of US$60 million negotiated during the period under review. The credit lines have been availed to clients in key sectors of the economy, including agriculture, manufacturing, and distribution, energy, and mining.”
According to OMZ, the investment portfolios reflect a strategy to skew towards real assets as well as a thrust to increase the weight of alternative assets and direct exposures in cash generating projects for the benefit of both our customers and shareholders.
During the period, OMZ’s total revenue and other income was lower at ZiG3,89 billion (US$151,08 million), compared to the prior year’s ZiG6,93 billion (US$268,77 million).
Key topline drivers were net interest income, premium income, fee income and commissions.
The decrease owed to the group changing its functional reporting currencies from ZWL to the US dollar then to ZiG.
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This led to the group registering profit after tax of ZiG724 million (US$28,08 million) compared to profit for the year of ZiG2 billion (US$77,52 million) for the prior year.
Total assets decreased by 6% to ZiG38,1 billion (US$1,47 billion) during the period, from ZiG40,4 billion (US$1,56 billion) in the prior year ended December 31, 2023.
