Mutapa Fund posts US$21,7 million surplus after tax
MUTAPA Investment Fund (MIF) posted a US$21,7 million surplus after tax, creating a surging buffer to absorb shocks within portfolio and sound resources for onward investments.
As the principal investment arm of the Zimbabwean government, MIF is a sector-agnostic fund that strategically invests in opportunities aligned with national development goals, spanning agriculture, renewable energy, technology, and mining.
The Fund generates income primarily through dividends and investment profits, and may selectively seek third-party funding, while maintaining conservative leverage through established risk and governance frameworks.
Presenting the latest Financial Report for the year 2025, MIF CEO Dr John Mangudya said both revenue and strong growth recorded outstanding performance in the reporting period.
“MIF achieved a surplus after tax of US$21,7 million for the year ended 31 December 2025, from the position of US$3.6 million in 2024 attributed to dividend income of US$23.3 million and management and advisory fees totaling US$26,6 million from investee companies to the Fund,” he said.
Total assets closed the year at a value of US$16,5 billion from the US$14,9 billion position in 2024, strengthened by the core investment in subsidiaries amounting to USD16,2 billion and supported by an expanded loan book and growing marketable securities portfolio.
Funds and reserves increased to US$15.2 billion, demonstrating a strong capital position that provides a solid foundation for future investment activity, with a gearing ratio at 8% remained low as we continue to adopt prudent borrowing strategies to finance key national infrastructure and operational requirements.
The Fund’s total comprehensive income grew substantially to US$1.4 billion, largely driven by significant fair value gains on the Fund’s asset base on the back of significant value growth in the mining portfolio attributable to the increased commodity prices.
Another driver for the valuation gains was the value of land and buildings.
“The year also saw important strides in strengthening governance and operational oversight across the Fund’s portfolio through the restructuring of its mineral asset portfolio, transitioning from a conglomerate model to a more targeted, commodity‑focused operating structure,” Mangudya said.
The exercise created a dedicated vertical subsidiaries in Gold, PGMs, Base Metals, Energy, Agro Minerals, Frontier Resources and Technology Metals to enhance operational efficiency, transparency, and investor attractiveness.
“In 2026, we expect to intensify our efforts to raise long‑term funding for mining expansion, energy rehabilitation, logistics rehabilitation, and industrial sector revival that are in sync with the National Development Strategy 2 and Vision 2030. Equally, we will place greater emphasis on operational discipline, environmental sustainability, and risk management across the Fund’s portfolio companies,” added Mangudya.