By Steven Godfrey Mkweteza
BLANTYRE-(MaraviPost)-National Investment Trust plc( NITL), has rated 2022 as a successful year, having posted an after-tax profit of MK6.99 billion.
The profit represents a 49.73 percent growth as compared to the previous year’s of MK4.67 billion.
Speaking during the Malawi stock exchange(MSE) listed firm annual general meeting on Thursday in Blantyre, the board chairperson of the trust.
Esther Gondwe, said shareholders are happy with the financial performance achieved in the year ended December 2022.
The board chairperson said the net profit could have been much higher had it not been for challenges such as weather-related shocks, power shortages, and the high inflation rate currency that the country recorded during the year under review
Gondwe attributed the success to intensified marketing and pick up of business during post COVID-19 pandemic era.
“We successfully expanded our presence in new stock investments and strengthened our position in existing ones.
“Therefore, we will continue to pursue promising stock investments to seize new opportunities and stay ahead of the curve,” said Gondwe.
Gondwe added that despite heightened inflationary pressures, the company maintained a disciplined approach to managing its cost base.
Gondwe further said the trust has also declared a final dividend of MK425.26 million from the previous MK384.75, representing MK3.15 per share.
“Looking ahead, we are optimistic about our prospects for continued growth and success. This is despite the fact that we are facing a number of risks,” said Gondwe.
She added: “Results from the half year is already MK11 billion. This has shown that this year the trust is set to register tremendous growth.
In his comment, the secretary general for the minority shareholders association of listed companies ( Misalico), Frank Harawa commended the trust for the growth.
