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Nico sees 24% profit jump in H1

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BY TAONGA SABOLA:

Malawi Stock Exchange (MSE)-listed financial services giant, Nico Holdings Limited, has said it expects its profit to jump by 24 percent in the first six months of 2018.

This is according to a trading statement the firm released Monday, signed by Company Secretary, Emily Makuta.

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This should be great news for Nico Holdings shareholders as all things being equal, the improved profitability should translate into increased return on investment.

During the first half of 2017, Nico Holdings recorded an after-tax profit of K4.30 billion.

The 24 percent profit jump should see Nico’s half-year earnings climbing to around K5.332 billion.

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The firm could, however, not indicate the driving force behind the improved profitability.

But briefing journalists and market analysts recently, Nico Holdings Managing Director, Vizenge Kumwenda, said the firm expects improved business this year and beyond buoyed by positive developments in the macroeconomic fundamentals.

In the whole of 2017, Nico Holdings saw its after-tax profit surging by 307 percent to hit K11.1 billion.

Kumwenda said the growth in profitability was fuelled by a strong performance in general and life insurance, asset management and banking.

He added that the results were also boosted by a strong performance in the equity market.

Nico Holdings engages in the provision of financial and insurance services.

The firm has operations in asset management, banking, general insurance, information technology, investment portfolio, life insurance and pensions.

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