Profit-after-tax for Malawi Stock Exchange-listed Nico Holdings grew by 129 percent in the year ending December 31, 2024 to K134.4 billion.
This is according to figures presented to a stakeholders’ engagement event by Nico Holdings Group Managing Director Vizenge Kumwenda.
During the year under review, the firm’s total revenue grew by 83 percent to K516.4 billion.
Its total assets went up by 46 percent to K2.4 trillion while its return on equity grew from 42.2 percent in 2023 to 61.40 percent.
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In an interview on the sidelines, Kumwenda said save for a challenging operating environment, the conglomerate saw all its subsidiaries posting good tidings in the year under review.
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“Performance of the group was exceptional on all fronts. To start with, in 2024, all companies performed well, in terms of profitability. There was no company that reported a loss.
“We did this in a very difficult time. The economy faced so many challenges and for us to perform the way we performed, we are very impressed,” Kumwenda said.
Kumwenda then announced plans to expand footprints beyond the Malawi boarder as the company’s growth strategy.
He said the firm was systematically positioned to harness existing opportunities for investment in the region.
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“We are ready to begin looking at regional growth. To start with, we are in three markets already and we believe we can scale up investment there,” Kumwenda said.
Shareholder Benedicto Nkhoma said the firm had potential for continued growth.
“Nico Holdings is doing great and the potential to do even much better is there. I still think there is still an opportunity to explore [other areas in] the country. There are a lot of people that haven’t accessed insurance, including banking services,” he said.
