Maiic posts K722 million profit
The Malawi Agricultural and Industrial Investment Corporation (Maiic) has posted K722 million profit for the year ended December 2022, a published financial statement has shown.
The amount represents a 35 percent increase in profit when compared to the K536 million recorded in 2021.
The performance has been attributed to growth in loans and advances.
The statement indicates that during the year, the company consolidated its lending operations, growing the loan book by 44 percent to K4 billion in 2022 from K2.8 billion the previous year.
“Catalysing equity investments of the corporation grew by 1489 percent. These are investments in creation of new industries in the economy that will generate foreign exchange for the country,” the statement reads.
But the firm laments the challenges facing the operating environment as they have affected most of its stakeholders.
Locally, according to Maiic, the main challenges include chronic unavailability of foreign currency even after the 25 percent devaluation of the Kwacha in May 2022.
Maiic Chairperson Donbell Mandala said the corporation expects macroeconomic stability to be top on the agenda of both fiscal and monetary authorities in 2023.
“We remain vigilant in monitoring and managing risks related to our business. We also remain committed to ensuring customer satisfaction.
“In order to improve customer satisfaction and improve efficiencies, we will also focus on capital raising, cost rationalisation, prudent management of risk and liquidity, diversification of the balance sheet whilst maintaining a healthy capital position,” Mandala said.
Maiic has disbursed about K7 billion to some 63 projects since operationalisation in 2020.