NICO Holdings confident of growing higher in tough economic environment

NICO Holdings Limited says it is confident that the company will continue growing higher on the market in terms performance despite the tough economic environment affecting the business sector globally.

Board Chairperson of the group, Gaffar Hassam said the company understands that challenges such as availability of foreign exchange, inflation, devaluation, COVID-19 impact are among the major current setbacks of business operations in the country.

However, speaking at the 56th Annual General Meeting in Blantyre where the company also revealed that it has posted a profit after tax of K59.1 billion in the 2023 financial year which represented a 60% increase from the 38% in 2022, Hassam said they are introducing new strategies that will help in diversifying the industries as well as geographically by investing in economies that can assist in earning foreign currency in all the  countries it is operating  which include, Zambia, Tanzania, Uganda, Mozambique and Zimbabwe.

“Our performance has been exceptionally well and outstanding and the secret behind all this is the passionate and fedicated staff within the whole NICO Holdings Group who give the good services to the clients.

“We must admit that economically we are in tough environment but with the strategies we have as NICO Holdings we aim to grow higher and believe that the 2024 performance and beyond will be successful,” said Hassam.

Representative of the shareholders, Frank Harawa said he is very much impressed with the NICO Holdings performance saying it shows positive signs of bright future and that measures put in place gives them confidence of gaining improved dividends.