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Investment corporation eyes double profit

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BANDA—We are progressing well

The Malawi Agriculture and Industrial Investment Corporation (Maiic) has revealed that the company is poised to record a 100 percent profit jump to over K1 billion this year.

This comes at a time the firm has maintained an upward trajectory in its profitability, having recorded a K718 million profit-after-tax at the end of the third quarter of 2022.

This represents a 24 percent increase in profit when compared to the K578 million post-tax profit the company recorded at the end of 2021.

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Maiic acting Chief Executive Officer Lloyd Banda attributed the performance to prudent management.

“If you look at our business from 2019 to date, you will see that we are progressing. In the first year, we made a loss, obviously because this was the year the company was incorporated but in 2020 and 2021 we made a profit so, as an institution, we are here to add value and the future looks bright,” Banda said.

He said prudent financial management has been a catalyst for efficiency.

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“When it comes to lending, what we are doing is to make sure that we are doing thorough due diligence.

“The moment our lending is problematic, it means we will be required to make more provisions for the bad loans that will be created; so, as an institution, we have got a policy of making sure that we do thorough due diligence, much as we are lending to startups,” Banda said.

Maiic was incorporated on November 23 2018 as a public limited liability company to bridge the long-term financing gap in Malawi and spearhead private sector development.

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