MASHONALAND Holdings (Masholds) said its revenue for the 15 months to December 2021, increased by 80 percent to $561 million attributable to periodic rent reviews and an increase in occupancy from 79 percent a year earlier to 81 percent.

Group net property income contribution decreased from 83 percent to 79 percent due to increases in property expenses, the company said.

The company, however, said it managed to weather the storm by implementing several property maintenance projects to improve the quality of space so as to attract new tenants as well as ensuring tenant retention.

As a result, operating profit increased by 62 percent from $185 million to $300 million.