Malawi Stock Exchange-listed Nico Holdings plc’s 2023 performance has impressed shareholders, who are upbeat on continued growth.
The firm registered a 150.67 percent capital and 66.7 percent dividend growth in the year under review.
At its annual general meeting (AGM) in Blantyre Wednesday, the firm declared a K10 per share dividend for 2023 from K6 a year before.
It also announced a share price appreciation to K150.40 K60.
Nico Holdings registered a K59 billion profit for the year, up from K37 billion recorded in 2022, representing a 59 percent jump.
Nico Holdings Chairman Gaffar Hassam said the group has an approved strategic plan that covers the period between 2022 and 2026 themed ‘Growing Higher’ to achieve its exponential growth.
“The strategy was approved by the board and is reviewed annually to ensure relevance to market trends and changing economic conditions.
“The implementation of the strategy is monitored quarterly by the Board of Directors to ensure the strategy remains relevant to the aspirations of the group, hence such a performance,” Hassam said.
In an interview, Minority Shareholders Association of Listed Companies General Secretary Frank Harawa said shareholders are impressed with the firm’s performance.
“The profit is huge. I think the top paying companies were National Bank and Standard Bank but Nico is matching them now. We want them to pay more because when they pay good dividends, it will also mean share price going up because people are interested in the dividends,” Harawa said.
The group’s subsidiaries are based in Malawi except one general insurance company based in Zambia.
All subsidiaries performed well in 2023 except for Nico General Insurance Zambia and Nico Capital Limited, which reported losses after tax.
