By Desire Tshuma
HARARE – The Urban Development Corporation has ended 2025 on firmer ground, posting a clean audit opinion, a return to operating profit and clear momentum on project delivery.
The Corporation described 2025 as the year it moved “from stabilisation to visible delivery.” Operating profit rose 214% to ZWG 73 million from a ZWG 64 million loss in 2024. After costs and Other Comprehensive Income, it recorded a ZWG 81 million profit.
The turnaround was driven by the completion of Knockmalloch Project Phase 1. The project triggered revenue recognition and converted execution into “measurable financial results.” The 669 high-density stands at Knockmalloch have now obtained a Compliance Certificate, enabling beneficiaries to begin construction.
UDCORP also mobilised resources through pension fund investments, residential stand sales, town planning consultancy, layout designs and capacity-building workshops. The sale of flats at Manresa Phase 1 to the Ministry of National Housing and Social Amenities contributed to recapitalisation and improved cash flow.
On governance, the Corporation said it advanced from recovery to maturity. The Board met quarterly to review finance, procurement, projects, risk and human capital, and was fully compliant across all key committees. It implemented IRBM contracts, scored 4.18 in Board evaluations, and had its Code of Ethics and Board Charter signed by the Minister. Four governance policies were approved, an independent ICT function was established, and statutory compliance was achieved.
UDCORP employed 37 staff, 19 female and 18 male, with female managers in the majority. Staff satisfaction was 72%. It introduced ESG reporting in 2025 covering climate, biodiversity, ethics, labour practices and human rights, and continued participation in National Clean-Up Campaigns.
For 2026, UDCORP will complete outstanding Knockmalloch Phase 1 work, mobilise resources for Phase 2, and partner on Manresa Estate Phase 2. It will operationalise its Construction Unit and the new Centre for Service Delivery Excellence, expand land development in Hwange, Plumtree and Kariba, strengthen ICT and governance through an ERP system, and support reforms including a review of the UDCORP Act.
“The foundation has been laid,” UDCORP said. “The audited results show that UDCORP is on a stronger and more credible path, with a clean audit opinion, operating profit, stronger governance compliance, and a clear focus on delivering sustainable human settlements.”