Malawi Stock Exchange (MSE)-listed National Investment Trust Limited (Nitl) has posted a record K21.5 billion after-tax profit for the year ended December 2023, a published financial statement has shown.
This represents a 207 percent jump in the profit from K7 billion the company posted in 2022.
The performance has also culminated in an increase in dividend income by 97.69 percent to K1.4 billion from K714 million in 2022.
“During the period, the company’s total assets grew by 86.049 percent while interest income declined to K44.1 million from K56.6 million in 2022. The company had revaluation gains on its equity investments amounting to K20.4 billion compared to K6.6 billion in the previous period.
“Overall, the company recorded a significant increase in profit from K7 billion in 2022, primarily attributed to greater dividend earnings and rises in revaluation gains from equity investments,” the statement reads.
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Nitel Chairperson Esther Gondwe said directors of the company have since recommended a final dividend of 500 tambala per share which will be announced after its annual general meeting.
“An interim dividend of 150 tambala per share was paid in October 2023 but the directors have recommended a final dividend of 500 tambala per share,” Gondwe said.
Minority Shareholders Association of Listed Companies (Misalico) General Secretary Frank Harawa said such a performance is exciting to investors.
“This is a good development. We saw a number of sound investment policies which have reflected on the performance of the company.
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“We have also seen good performance of other listed companies in 2023, which is enough to entice more Malawians to invest in the MSE,” Harawa said.
