NICO Group posts K37.5 billion profit performance in 2022

NICO Group Managing Director, Vizenge Kumwenda briefing the stakeholders

* The 2022 financial status has been positive and impressive because of the massive support and unity between the Group and its clients

*  Who always provide constructive feedback that helps to drive them to a right direction

* In terms of how they can improve their services and NICO promises to work towards meeting stakeholders’ expectations

By Victor Singano Jnr

NICO Group has disclosed that it has realized a profit of K37.5 billion in its 2022 annual performance, which represents a growth of 105% comparing to 2021 where it posted K18.3 billion.

Group Managing Director, Vizenge Kumwenda disclosed this during a stakeholder engagement meeting which was held at Ryalls Hotel in Blantyre, where he highlighted that the 2022  financial status has been positive and impressive because of the massive support and unity which is there between the Group and its clients — who always provide constructive feedback that helps to drive them to a right direction in terms of how they can improve their services.

He added that the Group normally organize such meetings with the aim of creating platform where NICO management team shares information on NICO Group with its key stakeholders on how the Group has performed in its previous years.

“We are very much proud that, despite going through difficult situations in 2022 such as natural disasters, Russia and Ukraine war, high inflation, high interests rates, shortage of forex which affected out operation environment, we managed to deliver good results.

“Just for records, in 2022 we paid a dividends of K6.00 only from K3.00, increasing the dividends by 85%, which are big numbers with high interests to our investors.”

Kumwenda further promised all of its clients that the Group is geared to work extra hard and make sure it is meeting the needs of every customer in the country, saying: “We noticed that most of the times our shareholders poses a lot of questions but they don’t have the opportunity to raise or ask during annual general meetings.

“As such, we decided to be having stakeholder engagement meetings where we can easily share them some of the important information. We want to assure them to expect alot of positive performance from the Group.”

One of the shareholders, Frank Harawa expressed his delight with NICO Group’s 2022 financial performance, saying it’s a sign that the company is really working to meet their expectations and that by engaging them in a meeting shows how transparent the company is.

“The performance is very impressive and every shareholder is excited with the profits that has been realized,” Harawa said. “The dividends payout were good and has helped us to make money.”