NICO Group impressed with ICON Properties’s consistent performance in its 3 years of existence

In just 3 years of its existence, ICON Properties Plc — a subsidiary of the country’s giant financial service institution, NICO Group — has been successful in its specialization of ownership, development and management of commercial, industrial and business real estate assets.

At the ICON Properties annual general meeting (AGM) held at Ryalls Hotel in Blantyre on Sunday, NICO Group Chief Executive Officer (CEO), Eric Chapola described that since it was established in 2018, the company — just as every corporate institution — faced unprecedented economic challenges as a result of CoVID-19 pandemic.

Chapola, NICO Group CEO

Despite all the tough economic situations, which also affected other NICO Group’s subsidiary companies, Chapola said ICON Properties Plc stand as one of the company which has shown consistent in terms of results as well as paying of dividends consistently.

“The ICON Properties company has proven to be the best, resilient and geared for the future,” he said. “In 2021, we made a 0.8% drop in profits and this was due to the CoVID-19 outbreak.

“We also in the year, refurbished Kapeni House, Michiru House and other houses that also contributed to the said dropped away income but for us it is a very small drop profits.”

He further said going forward, ICON Properties has a number of projects which are in the pipeline such as building of a hotel and office building in Lilongwe as well as in Mzuzu.

Established in 1971, NICO Group is the pioneer in financial services in many regards as it was the first company to list on the Malawi Stock Exchange in 1996 and is the first Malawian multinational when it established NICO Zambia in 1997.

ICON Properties management during the AGM

It is also the first to build a multipurpose shopping centre, Chichiri Mall, in 2000 and the first to list its subsidiary company, ICON Properties, on the Malawi Stock Exchange, after a 10-year period of no new listings in 2019.

The NICO Group’s strong presence in the country is through financial services that range from life & general insurance, pension administration, banking, asset & capital management; infrastructure development & property management; hospitality, technology — while enjoying some remarkable business footprints outside the country.

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