Commentators are saying that positive results posted by listed companies for the year ended December 31 2017 point to continued bullish performance of the local bourse.
Analyst, Armstrong Kamphoni, said in an interview that the market has already started reaping fruits, as a result.
In the year under review, the country’s economic environment remained largely stable with inflation and interest rates going down. The exchange rate was also stable, a situation that has led to business growth.
Listed conglomerate Nico Holdings Plc saw total profit after tax increasing impressively to K11.1 billion compared to a restated loss of K1.4 billion in 2016. Nico has attributed the growth in profitability to remarkable performance reported by most of its subsidiaries.
National Bank of Malawi (NBM) Plc reported a K19.15 billion profit for the period compared to K16.6 billion from the previous year, representing a profit jump of 15 percent.
A statement of financial results for the period shows that the bank has achieved an overall growth of 19 percent.
Another listed conglomerate, Press Corporation Limited Plc posted a K39.6 billion profit after tax for the year ended December 31 2017 compared to K15.31 billion realised the previous year. This represents a profit jump of 159 percent.
Published financial results for integrated mobile phone network, TNM Plc show that the firm posted a 60 percent profit increase to K13.1 billion in the year ended December 31 2017 from K8.2 billion the year before while profit for hotel chain, Sunbird went up to K2.4 billion from K1.3 billion, a rise of 82 percent.
On the other hand, Standard Bank Plc posted a profit of K12.1 billion, a drop from the previous year’s K19.4 billion. National Investment Trust Limited (Nitl) has posted a loss after-tax of K2.2 billion compared to the previous year’s K1.1 billion. The company says it will still pay a final dividend of 78 tambala per share from 70 tambala the previous year.
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