Income Statement MPICO plc

Stocks

MPICO

MWMPI0010116

Real Estate Development & Operations

End-of-day quote Malawi S.E. 18/08/2026			5-day change	1st Jan Change
19.59 ^MWK	-0.05%		-0.05%	+0.41%

30/04	MPICO plc Reports Earnings Results for the Full Year Ended December 31, 2025	CI
04/25/04	MPICO plc Reports Earnings Results for the Full Year Ended December 31, 2024	CI

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Published financial data: MPICO PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	661.38Cr	684.1Cr	688.25Cr	806.11Cr	930.83Cr
Gain (Loss) on Sale of Assets, Total (Rev)	-	-	-	-	7L
Other Revenues, Total	14Cr	15Cr	45Cr	51Cr	45Cr
Total Revenues	675.54Cr	698.92Cr	733.51Cr	857.26Cr	975.45Cr
Property Expenses	472.35Cr	458.33Cr	538.01Cr	603.27Cr	736.06Cr
Selling General & Admin Expenses, Total	-	-	-	10Cr	13Cr
Provision for Bad Debts	6.72Cr	27Cr	17Cr	-3.97Cr	12Cr
Total Operating Expenses	479.07Cr	485.48Cr	554.62Cr	609.4Cr	760.75Cr
Operating Income (REIT / Utility Template)	196.48Cr	213.44Cr	178.89Cr	247.86Cr	214.7Cr
Interest Expense, Total	-74Cr	-72Cr	-88Cr	-84Cr	-73Cr
Interest and Investment Income	103.62Cr	90Cr	109.76Cr	118.36Cr	208.74Cr
Net Interest Expenses	30Cr	18Cr	22Cr	34Cr	135.32Cr
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	226.35Cr	231.44Cr	200.6Cr	282Cr	350.02Cr
Asset Writedown	542.56Cr	669.09Cr	893.21Cr	1.21TCr	1.96TCr
EBT, Incl. Unusual Items	768.91Cr	900.53Cr	1.09TCr	1.49TCr	2.31TCr
Income Tax Expense	126.66Cr	87Cr	387.14Cr	270.57Cr	380.79Cr
Earnings From Continuing Operations	642.26Cr	813.75Cr	706.68Cr	1.22TCr	1.93TCr
Net Income to Company	642.26Cr	813.75Cr	706.68Cr	1.22TCr	1.93TCr
Minority Interest	-171.69Cr	-241.1Cr	-159.8Cr	-364.45Cr	-573.77Cr
Net Income - (IS)	470.57Cr	572.64Cr	546.88Cr	854.02Cr	1.36TCr
Net Income to Common Incl Extra Items	470.57Cr	572.64Cr	546.88Cr	854.02Cr	1.36TCr
Net Income to Common Excl. Extra Items	470.57Cr	572.64Cr	546.88Cr	854.02Cr	1.36TCr
Per Share Items
Net EPS - Basic	2.05	2.49	2.38	3.72	5.91
Basic EPS - Continuing Operations	2.05	2.49	2.38	3.72	5.91
Basic Weighted Average Shares Outstanding	229.8Cr	229.8Cr	229.8Cr	229.8Cr	229.8Cr
Net EPS - Diluted	2.05	2.49	2.38	3.72	5.91
Diluted EPS - Continuing Operations	2.05	2.49	2.38	3.72	5.91
Diluted Weighted Average Shares Outstanding	229.8Cr	229.8Cr	229.8Cr	229.8Cr	229.8Cr
Normalized Basic EPS	-0.13	-0.42	-0.15	-0.82	-1.54
Normalized Diluted EPS	-0.13	-0.42	-0.15	-0.82	-1.54
Dividend Per Share	0.31	0.36	0.38	0.43	0.5
Payout Ratio	19.53	13.24	9.2	10.23	7.28
Supplemental Items
EBITDA	212.07Cr	227.26Cr	189.7Cr	254.11Cr	221.13Cr
EBITA	196.48Cr	213.44Cr	178.89Cr	247.86Cr	214.7Cr
EBIT	196.48Cr	213.44Cr	178.89Cr	247.86Cr	214.7Cr
Total Revenues (As Reported)	1.32TCr	1.46TCr	1.73TCr	2.16TCr	3.12TCr
Effective Tax Rate - (Ratio)	16.47	9.64	35.39	18.17	16.47
Total Current Taxes	71Cr	67Cr	54Cr	89Cr	123.47Cr
Total Deferred Taxes	50Cr	3.04Cr	333.08Cr	166.76Cr	252.25Cr
Normalized Net Income	-30Cr	-96Cr	-34Cr	-188.2Cr	-355Cr
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	10Cr	13Cr
Selling and Marketing Expenses	-	-	-	10Cr	13Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	7.22TCr	7.9TCr	8.79TCr	10TCr	12TCr
Accumulated Depreciation	-70Cr	-84Cr	-94Cr	-91Cr	-97Cr
Net Property Plant And Equipment	7.15TCr	7.81TCr	8.7TCr	9.91TCr	12TCr
Total Real Estate Assets	7.15TCr	7.81TCr	8.7TCr	9.91TCr	12TCr
Cash And Equivalents	43Cr	38Cr	33Cr	365.06Cr	138.42Cr
Accounts Receivable, Total	466.02Cr	739.22Cr	500.26Cr	439.26Cr	803.69Cr
Other Receivables	355.53Cr	334.95Cr	526.29Cr	196.75Cr	158.96Cr
Notes Receivable (Collected)	306.9Cr	-	509.57Cr	-	-
Other Current Assets, Total	11Cr	17Cr	19Cr	13Cr	30Cr
Deferred Tax Assets Long-Term (Collected)	206.09Cr	298.98Cr	40Cr	14Cr	22Cr
Other Long-Term Assets, Total	11Cr	9.32Cr	7.94Cr	297.22Cr	284.44Cr
Total Assets	8.55TCr	9.25TCr	10TCr	11TCr	13TCr
Liabilities
Current Portion of Long-Term Debt	44Cr	360.14Cr	77Cr	66Cr	38Cr
Short-Term Borrowings	109.26Cr	-	131.9Cr	34Cr	28Cr
Long-Term Debt	360.14Cr	-	232.13Cr	165.8Cr	187.81Cr
Accounts Payable, Total	-	-	-	19Cr	36Cr
Accrued Expenses, Total	23Cr	96Cr	427.16Cr	246.99Cr	375.73Cr
Current Income Taxes Payable	-	-	-	-	73Cr
Unearned Revenue, Current	45Cr	63Cr	58Cr	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	71Cr	54Cr	-	-	-
Unearned Revenue Non Current	-	-	-	64Cr	79Cr
Deferred Tax Liability Non-Current	1.02TCr	1.12TCr	1.19TCr	1.33TCr	1.59TCr
Total Liabilities	1.67TCr	1.69TCr	2.12TCr	1.93TCr	2.41TCr
Common Stock, Total	11Cr	11Cr	11Cr	11Cr	11Cr
Additional Paid In Capital	862.69Cr	862.69Cr	862.69Cr	862.69Cr	862.69Cr
Retained Earnings	557.49Cr	590.64Cr	635.03Cr	647.31Cr	709.65Cr
Comprehensive Income and Other	3.3TCr	3.76TCr	4.22TCr	4.97TCr	6.17TCr
Total Common Equity	4.73TCr	5.23TCr	5.73TCr	6.49TCr	7.75TCr
Minority Interest	2.15TCr	2.33TCr	2.49TCr	2.81TCr	3.34TCr
Total Equity	6.88TCr	7.56TCr	8.22TCr	9.31TCr	11TCr
Total Liabilities And Equity	8.55TCr	9.25TCr	10TCr	11TCr	13TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	229.8Cr	229.8Cr	229.8Cr	229.8Cr	229.8Cr
ECS Total Common Shares Outstanding	229.8Cr	229.8Cr	229.8Cr	229.8Cr	229.8Cr
Book Value / Share	20.59	22.75	24.92	28.25	33.73
Tangible Book Value	4.73TCr	5.23TCr	5.73TCr	6.49TCr	7.75TCr
Tangible Book Value Per Share	20.59	22.75	24.92	28.25	33.73
Total Debt	513.11Cr	360.14Cr	440.53Cr	265.99Cr	253.11Cr
Net Debt	470.38Cr	322.18Cr	407.86Cr	-99Cr	114.69Cr
Minority Interest, Total (Incl. Fin. Div)	2.15TCr	2.33TCr	2.49TCr	2.81TCr	3.34TCr
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	113.15Cr	115.58Cr	117.28Cr	110.49Cr	116.92Cr
Full Time Employees	31	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	82Cr	108.74Cr	125.35Cr	93Cr	105.43Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	470.57Cr	572.64Cr	546.88Cr	854.02Cr	1.36TCr
Depreciation, Depletion & Amortization	16Cr	14Cr	11Cr	6.25Cr	6.43Cr
Total Depreciation, Depletion & Amortization	16Cr	14Cr	11Cr	6.25Cr	6.43Cr
(Gain) Loss On Sale of Asset - (CF)	-1.18Cr	-3L	8L	-1.5Cr	-7L
Total Asset Writedown	-542.56Cr	-669.09Cr	-893.21Cr	-1.21TCr	-1.96TCr
Provision and Write-off of Bad Debts	-	-	17Cr	-3.97Cr	12Cr
Minority Interest in Earnings - (CF)	-21Cr	-58Cr	-	-	-
Change in Accounts Receivable	402.44Cr	-197.91Cr	197.89Cr	94Cr	-356.25Cr
Change in Accounts Payable	46Cr	24Cr	-9.78Cr	5.47Cr	68Cr
Change in Other Net Operating Assets (Collected)	-306.9Cr	306.9Cr	-509.57Cr	348.88Cr	93Cr
Other Operating Activities	114.3Cr	234.11Cr	615.73Cr	522.07Cr	885.19Cr
Cash from Operations	176.6Cr	225.55Cr	-25Cr	618.35Cr	104.15Cr
Acquisition of Real Estate Assets, Total	-7.6Cr	-3.06Cr	-2.01Cr	-11Cr	-196.96Cr
Sale of Real Estate Assets, Total	6.84Cr	22.23L	-	1.5Cr	7L
Net Sale / Acquisition of Real Estate Assets	-76.59L	-2.84Cr	-2.01Cr	-9.32Cr	-196.88Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	1.38Cr	-	-
Other Investing Activities, Total	-3.53Cr	1.33Cr	-	26Cr	27Cr
Cash from Investing	-4.29Cr	-1.51Cr	-63.07L	17Cr	-169.84Cr
Long-Term Debt Issued, Total	-	-	-	-	17Cr
Total Debt Issued	-	-	-	-	17Cr
Long-Term Debt Repaid, Total	-28Cr	-44Cr	-62Cr	-77Cr	-23Cr
Total Debt Repaid	-28Cr	-44Cr	-62Cr	-77Cr	-23Cr
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-92Cr	-76Cr	-50Cr	-87Cr	-99Cr
Common & Preferred Stock Dividends Paid	-92Cr	-76Cr	-50Cr	-87Cr	-99Cr
Other Financing Activities, Total	-	-	-	-41Cr	-49Cr
Cash from Financing	-120.37Cr	-119.55Cr	-112Cr	-204.76Cr	-154.72Cr
Net Change in Cash	52Cr	104.49Cr	-137.19Cr	430.42Cr	-220.41Cr
Supplemental Items
Cash Interest Paid	74Cr	72Cr	78Cr	84Cr	73Cr
Cash Income Tax Paid (Refund)	184.04Cr	144.37Cr	223.31Cr	94Cr	43Cr
Net Debt Issued / Repaid	-28Cr	-44Cr	-62Cr	-77Cr	-6.65Cr
Levered Free Cash Flow	124.24Cr	221.55Cr	-126.6Cr	478.45Cr	-209.8Cr
Unlevered Free Cash Flow	170.33Cr	266.61Cr	-72Cr	531.09Cr	-163.91Cr
Change In Net Working Capital	-40Cr	-122.46Cr	192.18Cr	-380.74Cr	171.03Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.49	1.5	1.14	1.44	1.08
Return on Total Capital	1.72	1.74	1.35	1.7	1.28
Return On Equity %	9.71	11.27	8.96	13.91	18.94
Return on Common Equity	10.36	11.5	9.98	13.98	19.07
Margin Analysis
Gross Profit Margin %	30.08	34.42	26.65	29.63	24.54
SG&A Margin	-	-	-	1.18	1.28
EBITDA Margin %	31.39	32.52	25.86	29.64	22.67
EBITA Margin %	29.08	30.54	24.39	28.91	22.01
EBIT Margin %	29.08	30.54	24.39	28.91	22.01
Income From Continuing Operations Margin %	95.07	116.43	96.34	142.14	198.04
Net Income Margin %	69.66	81.93	74.56	99.62	139.22
Net Avail. For Common Margin %	69.66	81.93	74.56	99.62	139.22
Normalized Net Income Margin	-4.47	-13.8	-4.69	-21.95	-36.39
Levered Free Cash Flow Margin	18.39	31.7	-17.26	55.81	-21.51
Unlevered Free Cash Flow Margin	25.21	38.15	-9.76	61.95	-16.8
Asset Turnover
Asset Turnover	0.08	0.08	0.07	0.08	0.08
Fixed Assets Turnover	0.1	0.09	0.09	0.09	0.09
Receivables Turnover (Average Receivables)	1.12	1.14	1.11	1.72	1.5
Short Term Liquidity
Current Ratio	4.05	1.97	2.29	2.77	2.06
Quick Ratio	2.96	1.94	1.53	2.73	2
Operating Cash Flow to Current Liabilities	0.61	0.39	-0.04	1.69	0.19
Days Sales Outstanding (Average Receivables)	324.59	321.52	328.66	213.28	243.69
Average Days Payable Outstanding	-	-	-	34.46	13.59
Long Term Solvency
Total Debt/Equity	7.46	4.76	5.36	2.86	2.28
Total Debt / Total Capital	6.94	4.55	5.09	2.78	2.23
LT Debt/Equity	5.23	-	2.83	1.78	1.69
Long-Term Debt / Total Capital	4.87	-	2.68	1.73	1.66
Total Liabilities / Total Assets	19.55	18.26	20.47	17.15	17.84
EBIT / Interest Expense	2.66	2.96	2.03	2.94	2.92
EBITDA / Interest Expense	2.88	3.15	2.15	3.02	3.01
(EBITDA - Capex) / Interest Expense	2.77	3.11	2.13	2.89	1.19
Total Debt / EBITDA	2.42	1.58	2.32	1.05	1.14
Net Debt / EBITDA	2.22	1.42	2.15	-0.39	0.52
Total Debt / (EBITDA - Capex)	2.51	1.61	2.35	1.09	2.89
Net Debt / (EBITDA - Capex)	2.3	1.44	2.17	-0.41	1.31
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.27	3.46	4.95	16.87	13.79
Gross Profit, 1 Yr. Growth %	-45.64	18.41	-18.74	24.78	-5.75
EBITDA, 1 Yr. Growth %	-44.22	7.16	-16.53	33.95	-12.98
EBITA, 1 Yr. Growth %	-46.05	8.64	-16.19	38.55	-13.38
EBIT, 1 Yr. Growth %	-46.05	8.64	-16.19	38.55	-13.38
Earnings From Cont. Operations, 1 Yr. Growth %	47.86	26.7	-13.16	72.42	58.54
Net Income, 1 Yr. Growth %	11.22	21.69	-4.5	56.16	59.02
Diluted EPS Before Extra, 1 Yr. Growth %	11.22	21.69	-4.5	56.16	59.02
Normalized Net Income, 1 Yr. Growth %	-112.3	219.17	-64.32	446.78	88.63
Net Property, Plant and Equip., 1 Yr. Growth %	8.07	9.2	11.32	13.93	21.73
Accounts Receivable, 1 Yr. Growth %	-34.39	58.63	-32.33	-12.19	82.97
Total Assets, 1 Yr. Growth %	7.18	8.14	11.7	8.73	19.68
Common Equity, 1 Yr. Growth %	8.7	10.5	9.5	13.39	19.4
Tangible Book Value, 1 Yr. Growth %	8.7	10.5	9.5	13.39	19.4
Cash From Operations, 1 Yr. Growth %	-4.62T	27.72	-110.89	-2.45T	-83.16
Capital Expenditures, 1 Yr. Growth %	12.57	-59.72	-34.43	438.77	1.13T
Levered Free Cash Flow, 1 Yr. Growth %	-205.64	78.33	-157.14	166.27	-139.99
Unlevered Free Cash Flow, 1 Yr. Growth %	-353.35	56.53	-126.85	126.27	-128.4
Dividend Per Share, 1 Yr. Growth %	10.71	16.13	5.56	13.16	16.28
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.91	2.86	4.2	10.75	15.32
Gross Profit, 2 Yr. CAGR %	-25.77	-19.78	-1.91	2.75	8.45
EBITDA, 2 Yr. CAGR %	-24.28	-22.68	-5.42	5.74	7.97
EBITA, 2 Yr. CAGR %	-25.68	-23.45	-4.58	7.76	9.55
EBIT, 2 Yr. CAGR %	-25.68	-23.45	-4.58	7.76	9.55
Earnings From Cont. Operations, 2 Yr. CAGR %	-8.58	36.87	4.9	22.37	65.34
Net Income, 2 Yr. CAGR %	-8.48	16.34	7.8	22.12	57.58
Diluted EPS Before Extra, 2 Yr. CAGR %	-8.48	16.34	7.8	22.12	57.58
Normalized Net Income, 2 Yr. CAGR %	20	-37.35	6.72	39.68	221.16
Net Property, Plant and Equip., 2 Yr. CAGR %	8.03	8.63	10.25	12.62	17.77
Accounts Receivable, 2 Yr. CAGR %	-4.24	2.01	3.61	-22.91	26.75
Total Assets, 2 Yr. CAGR %	7.63	7.66	9.91	10.21	14.3
Common Equity, 2 Yr. CAGR %	9.25	9.59	10	11.43	16.35
Tangible Book Value, 2 Yr. CAGR %	9.25	9.59	10	11.43	16.35
Cash From Operations, 2 Yr. CAGR %	1.51	659.39	-62.71	65.58	98.86
Capital Expenditures, 2 Yr. CAGR %	-42.2	-32.66	-48.61	87.96	715.3
Levered Free Cash Flow, 2 Yr. CAGR %	-23.25	37.25	0.95	46.95	8.05
Unlevered Free Cash Flow, 2 Yr. CAGR %	3.15	99.14	-35.18	41.14	-16.43
Dividend Per Share, 2 Yr. CAGR %	11.36	13.39	10.72	9.29	14.71
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.92	0.52	3.55	8.26	11.75
Gross Profit, 3 Yr. CAGR %	-14.16	-13.27	-19.43	7.72	-0.17
EBITDA, 3 Yr. CAGR %	-11.4	-14.99	-20.68	6.21	-0.91
EBITA, 3 Yr. CAGR %	-12.93	-15.65	-21.1	8.05	0.2
EBIT, 3 Yr. CAGR %	-12.93	-15.65	-21.1	8.05	0.2
Earnings From Cont. Operations, 3 Yr. CAGR %	-1.8	1.93	17.61	23.79	33.4
Net Income, 3 Yr. CAGR %	-2.47	0.64	8.93	21.98	33.36
Diluted EPS Before Extra, 3 Yr. CAGR %	-2.47	0.64	8.93	21.98	33.36
Normalized Net Income, 3 Yr. CAGR %	-32.04	66.26	-48.07	83.98	54.4
Net Property, Plant and Equip., 3 Yr. CAGR %	9.33	8.42	9.52	11.47	15.58
Accounts Receivable, 3 Yr. CAGR %	27.07	13.3	-11.03	-1.95	2.83
Total Assets, 3 Yr. CAGR %	9.31	7.8	8.99	9.51	13.43
Common Equity, 3 Yr. CAGR %	11.6	9.66	9.56	11.12	14.02
Tangible Book Value, 3 Yr. CAGR %	11.6	9.66	9.56	11.12	14.02
Cash From Operations, 3 Yr. CAGR %	-35.75	9.58	84.49	51.85	-22.71
Capital Expenditures, 3 Yr. CAGR %	-44.05	-48.75	-33.26	12.48	251.92
Levered Free Cash Flow, 3 Yr. CAGR %	-39.62	1.65	2.49	56.74	-1.8
Unlevered Free Cash Flow, 3 Yr. CAGR %	-35.47	18.53	2.11	46.09	-14.97
Dividend Per Share, 3 Yr. CAGR %	11.27	12.92	10.72	11.52	11.57
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.78	4.27	2.83	4.5	8.11
Gross Profit, 5 Yr. CAGR %	-0.9	-0.56	-9.46	-7.19	-8.53
EBITDA, 5 Yr. CAGR %	-0.44	-0.52	-9.05	-7.23	-10.27
EBITA, 5 Yr. CAGR %	-1.29	-1.12	-9.68	-6.97	-10.03
EBIT, 5 Yr. CAGR %	-1.29	-1.12	-9.68	-6.97	-10.03
Earnings From Cont. Operations, 5 Yr. CAGR %	26.42	9.83	0.82	9.66	34.78
Net Income, 5 Yr. CAGR %	19.17	7	1.52	8.73	26.27
Diluted EPS Before Extra, 5 Yr. CAGR %	19.23	7	1.52	8.73	26.27
Normalized Net Income, 5 Yr. CAGR %	-25.17	12.71	-18.6	55.07	7.63
Net Property, Plant and Equip., 5 Yr. CAGR %	10.09	9.88	9.7	10.08	12.75
Accounts Receivable, 5 Yr. CAGR %	-5.78	6.06	17.11	-2.87	2.5
Total Assets, 5 Yr. CAGR %	8.89	7.41	9.55	8.76	11.09
Common Equity, 5 Yr. CAGR %	12.3	12.08	10.96	10.36	12.23
Tangible Book Value, 5 Yr. CAGR %	12.3	12.08	10.96	10.36	12.23
Cash From Operations, 5 Yr. CAGR %	-23.54	15.64	-48.32	29.25	92.78
Capital Expenditures, 5 Yr. CAGR %	9.88	-17.38	-45.92	-13.82	81.63
Levered Free Cash Flow, 5 Yr. CAGR %	-26.58	-14.16	-25.84	17.8	12.27
Unlevered Free Cash Flow, 5 Yr. CAGR %	-6.07	-6.15	-35.35	27.1	19.51
Dividend Per Share, 5 Yr. CAGR %	-	-	11.05	11.46	12.3