NICO Asset Managers (NAM), a subsidiary of the NICO Group, has announced its financial results for the year ended December 31, 2024, showcasing a robust performance across key metrics. The company’s financial highlights demonstrate significant growth and improvement in various areas.
NAM reported a Profit After Tax (PAT) of MK7.0 billion, representing a substantial increase of 103% compared to the previous year.
Commenting on the results, the company’s Chief Executive Officer, Daniel Dunga, said that the stellar performance rooted from growth in income and improved efficiencies of the company.
“On one hand the company’s total income rose by 75% to MK17.1 billion, driven by strong business performance. On the other hand, NAM recorded a cost to income ratio of 41%, down from 49% in the previous year. The drop indicates improved operational efficiency of the Company” Commented Dunga who has been driving growth of the company for the last seven years.In his Linked In post shortly after the results were announced Dunga said that “growth is exciting”.
Among other metrics the financial results also displayed growth in Total Assets Under Management (AUM) which grew by 46% to MK1.8 trillion, with Wholesale AUM increasing by 41% to MK1.5 trillion and Retail AUM rising by 77% to MK301 billion.
The company continues to deliver value to its shareholders through a decent Return On Average Equity (ROE) which in the year under review improved significantly to 159%, up from 137% in the previous year.
The financial results demonstrate NAM’s ability to drive growth and improve profitability. The significant increase in PAT and total income reflects the company’s strong business performance and effective management. The growth in Total AUM and Retail AUM highlights the company’s success in attracting new clients and expanding its asset management capabilities.
“Our financial results for 2024 are a testament to the company’s commitment to delivering strong performance and value to our clients. With a robust financial position and a focus on operational efficiency, the company is well-positioned for continued growth and success in the future” shared Dunga as he thanked NAM’s clients and shareholders for believing in the company.
As one way of sustaining sound financial performance for NAM’s customers, who form part of financial market ecosystem, the company has been implementing several financial literacy programs to equip customers with solid financial knowledge. The company believes that well informed customers will make well informed financial decision to secure their future. This is in line with the NICO Group’s initiative of ‘Zikumveka Kumboyoko?’ – A campaign that is driving financial literacy across the Group, to ensure every Malawian has access to financial knowledge.
The company continues to give back to the community through corporate social responsibility (CSR) by sponsoring chess in schools – a game it says, resembles investment decision making.
‘We want everyone including our youth, to have the right financial knowledge. We are not leaving anyone behind’, Dunga added.