Story by Owen Mandovha
THE Urban Development Corporation (UDCORP) has recorded its first profit in many years and is positioning itself to support Government’s target of delivering one million housing units under the National Development Strategy 2 (NDS2).
The state-owned enterprise, which previously grappled with corporate governance shortcomings, administrative challenges and financial difficulties, has undergone a significant transformation, emerging as a key player in national housing and infrastructure development.
UDCORP has also received a clean audit opinion for the first time in its history, while its flagship KnockMallock Housing Project in Harare continues to attract strong interest from prospective homeowners.
These developments were highlighted during the corporation’s Annual General Meeting held in Harare this Thursday.
Chief Executive Officer, Mr Joey Shumbamhini, attributed the positive performance to ongoing restructuring and transformation initiatives.
“We have achieved a profit position for the first time in so many years, courtesy of the restructuring and transformation that we are undertaking. This is impressive because we are delivering on our mandate to deliver 1 000 housing units this year,” he said.
The corporation falls under the joint oversight of the Ministry of Local Government and Public Works and the Ministry of National Housing and Social Amenities, both of which commended the institution’s turnaround.
Deputy Minister of Local Government and Public Works, Honourable Benjamin Kabikira, said the ministry is encouraged by the progress made by the parastatal.
“UDCORP has undergone an impressive transformation over the years, and as a ministry, we are impressed by the turnaround,” he said.
Deputy Minister of National Housing and Social Amenities, Honourable Musa Ncube, said the corporation is playing a critical role in achieving national housing targets while strengthening corporate governance practices.
“As a shareholder, we are banking on UDCORP to deliver on our housing development targets, and it has aligned with corporate governance requirements. The company was operating under the old Act, but now it is operating under the new Act,” he said.
The revival of UDCORP is among several success stories recorded by State-owned enterprises under the Second Republic, reflecting ongoing efforts to strengthen public institutions and accelerate national development.
