National Investment Trust Achieves 49.73% Profit Growth, Declares MK425.26 Million Dividend
National Investment Trust reports successful year, with 49.73% profit growth and declaration of MK425.26 million dividend.
BLANTYRE, MALAWI — National Investment Trust plc (NITL) recorded a remarkable after-tax profit of MK6.99 billion in 2022, indicating a 49.73 percent growth compared to the previous year, writes Steven Godfrey Mkweteza.
During the annual general meeting held in Blantyre on Thursday, NITL Chairman Esther Gondwe expressed satisfaction with the financial performance achieved in the year ending December 2022. Gondwe noted that challenges such as weather-related shocks, power shortages, and high inflation rates had reduced the net profit potential.
The chairman attributed the success to intensified marketing efforts and the rebound in business activities following the COVID-19 pandemic.
Gondwe stated, "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."
Despite facing inflationary pressures, the company maintained a disciplined approach to managing costs.
The trust has declared a final dividend of MK425.26 million, representing MK3.15 per share, an increase from the previous year's MK384.75.
Gondwe expressed optimism about future growth, stating, "Looking ahead, we are optimistic about our prospects for continued growth and success, despite facing a number of risks."
She revealed that the trust's half-year results already stood at MK11 billion, indicating the potential for tremendous growth in the current year.
Frank Harawa, the Secretary-General for the Minority Shareholders Association of Listed Companies (MISALICO), commended NITL for its growth.
However, he urged the trust to further increase its dividend base compared to other local listed companies.