Nico Group posts 14.8 percent profit in 2018
Financial services group Nico Holdings Limited has reported a 14.8 percent increase in profit after tax at K12.7 billion against K11.1 billion recorded in the previous year.
The Malawi Stock Exchange (MSE)-listed group said gross revenue went up to K134.12 billion from K134.19 billion with low operating and management expenses to compare with 2017.
Nico Holdings has subsidiaries in Zambia, Zimbabwe, Tanzania, Uganda and Mozambique.
Locally, the group subsidiaries are the MSE-listed NBS Bank Limited, Nico Life Insurance Company Limited, Nico Technologies Limited, Nico Assets Managers, Nico General Insurance Company Limited.
The group’s managing director Vizenge Kumwenda said in 2018 the group had a strong performance which resulted to pay dividends to shareholders.
“We are a diversified financial services group with contributions coming from all angles. NBS Bank made a huge contribution by raising K11.8 billion which a big improvement was considering that in 2017 made a loss.
“We are very prepared to remain in business despite interest rates going down. There are other opportunities that come up and we will take advantage of that like growing our investment base that will help to help to have the volume of funds under investment will compensate for the drop in interest rate,” he said.
The company’s board of directors has proposed a dividend of K1.7 billion to be declared at the forthcoming annual general meeting.
