Nicol declares dividend payment for first time

Sunday December 3 2017


By Hellen Nachilongo @musanachi60

Dar es Salaam. National Investments Company Limited (Nicol) has declared a dividend of 25 per share to its shareholders for the first time since its inception.

Nicol chairman Gideon Kaunda told the third annual general meeting here yesterday: “For the past 10 years we have not paid any dividend to our shareholders but this is the right time to do so as the company is doing well.”

According to him, the board of directors have recommended the payments of dividend as the company posted a profit after tax of Sh8.67 billion in 2016.

Public Procurement Regulatory Authority chairman Matern Lumbanga said Nicol’s financial performance had improved in the past five years.

“Nicol’s assets increased from Sh23.4 billion in 2010 to Sh94 billion 2015; investment income from Sh1 billion to Sh 3.7 billion.”

Dr Lumbanga noted that from 2012 to 2015 Nicol had consistently been making profits, with net asset value per share having risen from Sh 344 million to Sh 2.2 billion.

Judge Mark Bomani said: “As a shareholder I believe Nicol is a new company with good strategies; therefore everyone should think positively to develop it.”