NHC records impressive profit, housing success

THE National Housing Corporation (NHC) has marked a significant milestone in its fiscal year 2023/2024, reporting a remarkable profit of 21.8bn/- within the first eight months of the financial period.

This figure accounts for an impressive 76 per cent of the corporation’s total profit target for the year. Speaking at a session with the Parliamentary Public Investment Committee (PIC), NHC’s Director General, Hamad Abdallah, highlighted the corporation’s financial success, emphasising the substantial progress made in revenue generation.

“From July 2023 to February this year, NHC has achieved a profit before tax of 21.8bn/-, equivalent to 76 per cent of our annual goal,” Abdallah stated.

The corporation has set a profit target of 28.6bn/- before tax for the entire fiscal year. Additionally, NHC aims to amass a total revenue of 274bn/- through diverse sources including rent, house sales, construction projects and other channels.

Mr Abdallah further disclosed that significant headway has been made in several flagship projects, notably the Morocco Square development, where 60 per cent of the houses have already been sold.

Similarly, the Samia Housing Scheme has seen substantial sales, with over 88 per cent of houses finding buyers.

“In the fiscal year up to February 2024, NHC has generated a revenue of 84.35bn/-, constituting 31 per cent of our target, with the expectation of reaching the goal shortly,” Abdallah added, expressing optimism for future achievements.

He emphasised the importance of ongoing projects like the 711 Kawe development, which is currently 25 per cent complete, in addressing the country’s housing demand.

Mr Abdallah noted that the Morocco Square project is nearing completion, with 98 per cent of the work finished, while efforts to finalise the 711 Kawe project have commenced.

The PIC, led by Chairman Deus Sangu, expressed satisfaction with NHC’s performance in executing housing projects nationwide.

Mr Sangu reiterated the committee’s commitment to advocating for policies that facilitate diaspora participation in real estate investment, aiming to remove obstacles hindering their involvement in the sector.

He commended President Samia Suluhu Hassan for her leadership in investing in projects that initially seemed challenging and highlighted the visible returns from ventures such as Morocco Square, underscoring their positive impact on the economy and housing sector.

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