NICO, led by Malawian tycoon Vizenge Kumwenda, announces $6 million dividend

Key Points

• NICO Holdings to reward shareholders with a $6 million interim dividend for the 2024 fiscal year, doubling last year’s payout.
• Dividend increases to MWK10 ($0.0058) per share, with payments scheduled for April 25, 2025, for shareholders on record by April 17.
• NICO Holdings expects profit growth of up to 131%, with consolidated profits projected between MWK133 billion ($76.67 million) and MWK136 billion ($78.37 million).

National Insurance Company Limited (NICO Holdings), the Blantyre-based financial services group led by Malawian insurance magnate Vizenge Kumwenda, is set to reward its shareholders with the third interim dividend payout of $6 million for the 2024 fiscal year.

Dividend doubles to MWK10 ($0.0058) per share

The payout approved at the company’s recent board meeting held on Mar. 27 2025, represents MWK10 ($0.0058) per share—more than double the previous year’s MWK4 ($0.0023) per share.

Shareholders on record as of Apr. 17, will receive the dividend for the period ending Dec. 31, 2024, with payments scheduled for Apr. 25. The ex-dividend date is set for April 15, 2025.

NICO Holdings expects profits to more than double

This announcement comes alongside NICO Holdings’ updated forecast for 2024, with the company expecting consolidated profit after tax to reach between MWK133 billion ($76.67 million) and MWK136 billion ($78.37 million). This marks an impressive increase of up to 131 percent from MWK59 billion ($34.01 million) in 2023.

Profit attributable to shareholders is projected to grow by 129 to 135 percent, with an expected range of MWK71 billion ($3.2 billion) to MWK73 billion ($3.3 billion). These results further solidify NICO Holdings’ position as a leader in Malawi’s financial services industry.

Kumwenda’s Influence and NICO’s market leadership

Under the leadership of Vizenge Kumwenda, NICO Holdings has firmly established itself as a market leader since its founding in 1971. Kumwenda, who owns a 4.82 percent stake in the company, is poised to receive over half a million dollars in dividends, reinforcing his pivotal role in Malawi’s financial and insurance sectors.

Kumwenda’s leadership has driven NICO Holdings through a period of significant expansion, backed by sound financial management and operational improvements. As competition in the regional market grows, NICO Holdings remains well-positioned for continued success, with strong financial performance and a focus on delivering value to shareholders in Malawi’s dynamic business environment.