Nico Holdings profit soars to K134 billion – The Times Group

Nico Holdings Posts Record K134 Billion Profit: A Bellwether for Malawi’s Economic Resurgence

Post was last updated: August 7, 2025

Key Business Points

  • NICO Holdings plc has posted a consolidated profit after tax of K134.8 billion for the year ended December 31, 2024, marking a 130 percent increase from the previous year, driven by strong performances in banking and life insurance.
  • The company has doubled its dividend payout to K20 per share, translating to K20.8 billion in total, providing a significant return on investment for shareholders.
  • Expansion plans are underway to address foreign exchange challenges, with the company eyeing investments across the Sadc region and East Africa to earn forex within the group.

NICO Holdings plc’s impressive financial performance is a testament to the company’s resilience and strategic planning. The 130 percent increase in consolidated profit after tax is a significant achievement, particularly in a challenging macroeconomic environment. The company’s dividend payout has also doubled, providing a welcome return on investment for shareholders. As Elias Ngalande, Nico Board Chairperson, noted, the company has "beaten almost all of our targets" despite facing significant challenges, including a 44 percent devaluation of the Malawi kwacha in late 2023.

The strong performance of NBS Bank and Nico Life Insurance Company has been instrumental in driving the company’s growth. NBS Bank registered a 148 percent increase in profit after tax, while Nico Life Insurance Company recorded a 75 percent increase. These results demonstrate the company’s ability to adapt and thrive in a challenging environment. As Ngalande stated, "We have grown higher, and I think we have achieved that this year."

However, the company is not complacent, and Ngalande acknowledged that the macroeconomic environment remains challenging, with persistent inflation and foreign exchange scarcity. To address these challenges, the company is exploring expansion plans beyond Malawi, with a focus on earning forex within the group. This strategic move is expected to help mitigate the impact of foreign exchange fluctuations and provide a more stable revenue stream.

The Minority Shareholders Association of Listed Companies (Misalico) has commended the company’s performance, with General Secretary Frank Harawa noting that the K134 billion profit is likely the highest on the stock market. However, Harawa also raised concerns over the accumulation of unclaimed dividends, urging the company to trace their rightful owners before new regulations come into effect. As Harawa stated, "The company has performed exceptionally well in terms of profitability and share value gains on the Malawi Stock Exchange."

Overall, NICO Holdings plc’s financial performance is a positive indicator of the company’s strength and resilience. As Ngalande noted, "We are eyeing investments across the Sadc region and East Africa. So we’ll be pursuing those because if we get them, then at least we’ll be earning our own forex within the group and that should be a potential help." With its strategic plans in place, the company is well-positioned to continue growing and providing value to its shareholders. In Chichewa, this can be summed up as "Kukula kwa NICO Holdings plc kuwoneka" or "NICO Holdings plc’s growth is evident." As Malawian business owners and entrepreneurs, it is essential to monitor the company’s progress and consider investment opportunities in the Sadc region and East Africa, where NICO Holdings plc is expanding its operations.

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Vanessa Banda
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