Nico expects 90% annual profit surge
Malawi Stock Exchange (MSE) – listed Nico Holdings plc has revised its profit-after-tax growth projection for the year ended December 2022 to 90 percent 60 percent.
This is contained in the conglomerate’s statement issued in line with MSEs requirements that listed companies publish a trading statement upon realising that financial results for the period to be reported upon will differ by at least 20 percent from that of the previous corresponding period.
In the statement, Nico Holdings says the consolidated profit-after-tax for the 2022 financial year is due to recoveries made through courts, a favourable result from actuarial review, and a review of credit impairments on significant credit exposures in the banking sector, which happened after the first trading statement was issued.
“Further, the consolidated profit-after-tax attributable to owners of the parent company (Nico Holdings plc) is also expected to be higher than the previous corresponding period by at least 90 percent,” the trading statement reads.
In 2021, the group registered a profit-after-tax of K18.3 billion which was 2 percent lower than the preceding year of 2020, when the group made K18.6 billion.
The company says the future remains murky for the group but it will still focus on growth.
“Growth remains the group’s strategic focus area. The group has invested in unique capabilities to be able to compete effectively in Malawi and other markets where we have operations,” the statement led.
Nico Group subsidiaries include NBS Bank, Nico General, Nico Technologies and Nico Life Insurance Company.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
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