NICO HOLDINGS P/c UPBEAT ON 2018 PROFIT GROWTH

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                            By Steven Godfrey
Mkweteza

Nico
Holdings p/c says it has registered a profit after tax of MK12.7 billion, a 15
percentage growth point from Mk 11 billion it registered in the previous financial
year.

The
group’s interim chairman Gaffer Hassam described this as a good development
looking at the holdings’ profits downward trend for the past years.

Hassam
told members of the company during the annual general meeting {AGM} held in
Blantyre.

‘Financial
performance of the group in 2018 was satisfactory despite an ever changing
regulatory environment and amidst increasing competition in the financial
services industry,” he said.

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The
Chairman singled out NBS bank, Nico life, Nico pensions and Nico asset management
as the best performers in the year under its subsidiaries.

Hassam
said the drive for performance has been the strategies the group has been
implementing such as increased focus on customer experience and an improvement
in the processes.

“We
will continue to invest in our systems and processes to ensure that we deliver
value and convenience in meeting our customers’ needs. The financial position
of the group continued to strengthen despite the increased provisions that we
have had to make as we implemented some international accounting standards for
the first time,” said Hassam.

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Hassam
said the investor confidence in the brand continues to grow represented by
positive movements of the share price which closed at K43 compared to K34 in
2018.

The
group also registered growth in revenue of 137 billion compared to Mk134
billion in 2017. Total profit for the year grew to MK13 billion from MK12
billion in 2017.

According
to Hassam, the growth in profitability is mainly due to continued growth of the
asset management business and significant improvement in the banking business.

Based
on the 2018 performance, Nico Holdings p/c board of directors declared a final
dividend of MK313 million representing 30 tambala per share.

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On
the other hand, Hassam expressed hope that his holdings will register much
growth in the current year as a result of the predictable good macro-economic
fundamentals in the economies of the country and countries within which they
operate.

Nico
holding are listed on the Malawi Stock Exchange and is a holding company for
Nico life insurance, Nico general insurance, Nico technologies, Nico asset
managers, NBS bank and icon Properties.

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