Nicol Investments shareholders endorse 1.047bn/- dividend payout

06Dec 2021
Joseph Mwendapole
Dar es Salaam
The Guardian
Nicol Investments shareholders endorse 1.047bn/- dividend payout

SHAREHOLDERS of Nicol Investments Plc endorsed dividend worth 1.047bn/- which they will share among themselves thanks to profit made from investments made in 2021.

Shareholders of Nicol Investment Plc registering to attend the company’s annual general meeting that was held over the weekend in Dar es Salaam. Photo: Correspondent Joseph Mwendapole.

The shareholders who met in Dar es Salaam on Saturday during their annual general meeting under their chairman, Dr Gideon Kaunda approved the 17/- per share dividend will be paid before 30 December this year.

The company’s acting CEO, Erasto Ngamilaga said his management has weaned Nicol from its troubled past and that now it is stable with prospects of sustained profit making for the foreseeable future.

Ngamilaga said as a result of the tremendous work done by his management, the company has been doing better and will continue doing so to boost the value of its shares at Dar es Salaam Stock Market.

“We had a very fruitful meeting with shareholders and many of them were happy with the company’s performance especially in profit making from the various investments that we have done,” he said.

The Nicol acting CEO promised shareholders that his management will continue with its plans to invest in various profitable listed companies and other vehicles such as government securities where some 14bn/- has been put generating windfall profits annually.

“We are very proud to see shareholders are happy with the development of their company because they get what they expected for a very long time,” Ngamilaga added while stressing that his management team will ensure that shareholders continue to earn more from their investment.

He said for the year ended 2020, management had recommended a dividend of 10/- per share but due to the good performance made, shareholders endorsed more because during the first half of the year ended 30 June 2021, profit after tax increased to 3.8bn/- from 2.2bn/- last year.

During the AGM, Nicol Chairman Dr Kaunda told the shareholders that the company has managed to control all challenges they faced due to failures of the old management. He said the company won successfully 37 cases mostly filled by the old management and board members.

Dr Kaunda assured shareholders that as for now, the company is stable and shall continue to pay dividend while the value of its investment is increasing daily. “I can assure you that Nicol is now through with the bad past of making losses year in and out,” Dr Kaunda hinted.

During the AGM, shareholders also endorsed a proposal to increase of the number of company directors from the current seven.