By Steven Godfrey Mkweteza

BLANTYRE-The conglomate, Nico holdings p/c has posted an increase in profit after tax of MK16.1 billion in the year 2017 as compared to a restated loss of MK1.4 billion it posted in 2016.

The interim chairman for the grouping Gaffar Hassam told the stakeholders of the holdings to its 48th annual general meeting {AGM} held in Blantyre.

Hassam said the gross revenue for he year 2017 also increased by 30% to MK134.3 billion compared to MK103.5 Billion for the year 2016.

“it has been a great ear indeed as we registered a significant revenue growth and profit after tax as compared to previous years. This is despite the difficult economic fundamentals tat the country is going through,” said Hassam.

Hassam said the growth in profitability was recorded due to remarkable performance in general insurance, life insurance, asset management business and improvement in the performance of the banking business.

“we work with people and not machinery. There is a lot of hard work from the dedicated staff and we put much emphasis in customer service,” Hassam added.

However, Hassam said some of the holdings subsidiaries mostly from outside the country did not perform as expected due to some limitations.

He mentioned Nico life insurance, Nico general insurance and NBS bank as some of the best performers in the year under review.

“But we are still very hopeful and expected that the other subsidiaries will perform better in the future. We plan to bring about new innovations and products that would boost our revenue tag,” added Hassam.

Among others, the AGM declared a final dividend of MK1.04 billion representing 100 tambala per share as recommended by the directors.

The AGM also re-elected Sangwani Hara, Harold Bijoux, Patrick Chilambe and Robert Mdeza to the board of Directors.