Nico Holdings up beat on continued growth
Nico Holdings plc says it is positive on registering continued growth buoyed by strategies the group has developed, including technological innovations to ensure stability and growth.
Nico Holdings plc chairperson Hassam Gaffer said this in an interview on the sidelines of the company’s Annual General Meeting in Blantyre on Wednesday where the financial services group unveiled results for the year ended December 31 2022.
During the year under review, the Malawi Stock Exchange-listed firm posted a 105 percent rise in after-tax profit to K37.6 billion from K18.3 billion in 2021 on account of growth in its banking, life insurance and asset management business.
He said: “We have had the sad experiences of the cyclone and a tough operating environment due to the war in Ukraine, inflation and other factors which affected us as a business and country.
“Regardless, we have excelled and testament to that are the good results we have registered in the year.”
Gaffer expressed optimism the company will continue to grow, saying they will continue to work hard and devise innovative ways of delivering the best to its customers and shareholders.
“Going forward our strategy is to see exponential growth in terms of delivering results to our shareholders but also in the way we serve our shareholders,” he said.
Commenting on performance, Minority Shareholders Association of Listed Companies general secretary Frank Harawa expressed satisfaction with the performance of the firm, saying hopes are high that the continued good performance will provide more value to shareholders.
He said: “As shareholders, we are proud to be part and associated with this company which has shown potential over the years.
“We are happy with the performance. The company’s share price has been hovering around K50 to K60 per share for a long time, but now it is trading above K160 per share.”
Harawa said apart from the capital gains, the dividend payout is good and all minority shareholders are happy with the performance.
Nico Holdings plc, which was the first company to list on the MSE, has 1.043 billion shares in issue. Its share price traded at K163.05 at close of business yesterday.
