Business / Companies
Mutapa Fund posts USD 8 million comprehensive income despite audit red flags
10 Jan 2026 at 22:25hrs |
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The Mutapa Investment Fund has reported a total comprehensive income of USD 8.02 million for the period ending 31 December 2024, according to financial statements released alongside a qualified audit opinion.
The Fund recorded USD 11.9 million in income, driven mainly by USD 6.08 million in grant income and USD 5.77 million in dividends from its portfolio of state‑owned enterprises. Administrative expenses, staff costs and depreciation totalled USD 8.04 million, resulting in a surplus of USD 3.58 million.
A further USD 4.43 million was recognised as a fair value gain on equity instruments, bringing total comprehensive income to USD 8.02 million.
Mutapa's statement of financial position shows total assets of USD 14.86 billion, largely dominated by investments in subsidiaries valued at USD 14.7 billion. Capital contributions from the Government of Zimbabwe amounted to USD 13.7 billion.
The Fund ended the period with USD 3.49 million in cash and cash equivalents, while liabilities stood at USD 1.14 billion, including a long‑term loan of USD 1.13 billion.
The financial results were released as auditors raised concerns over valuation methods, use of unaudited financial information and non‑compliance with international accounting standards.
The Fund recorded USD 11.9 million in income, driven mainly by USD 6.08 million in grant income and USD 5.77 million in dividends from its portfolio of state‑owned enterprises. Administrative expenses, staff costs and depreciation totalled USD 8.04 million, resulting in a surplus of USD 3.58 million.
A further USD 4.43 million was recognised as a fair value gain on equity instruments, bringing total comprehensive income to USD 8.02 million.
The Fund ended the period with USD 3.49 million in cash and cash equivalents, while liabilities stood at USD 1.14 billion, including a long‑term loan of USD 1.13 billion.
The financial results were released as auditors raised concerns over valuation methods, use of unaudited financial information and non‑compliance with international accounting standards.
Source - Byo24News
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