Nicol investors set for Sh2.6 billion dividend

This is an improvement from a dividend per share of Sh37 which the company shared last year from its 2021 profits.

“The money is to be paid before December 4, 2023,” Nicol CEO Erasto Ngamilaga told journalists shortly after the AGM in Dar es Salaam at the weekend.

The trading of the company’s shares cum dividend is currently on and will be halted on October 26 while the trading of shares ex-dividend will start on October 27, 2023.

Mr Ngamilaga said working on the recommendations issued at last year’s AGM, the company has been diversifying its investment portfolio to include the productive sector.

“We will continue to collaborate with our shareholders, the management and the board to implement our various strategies. Our long-term strategy is to invest in agriculture because we have seen the opportunities there,” he said.

The company – which works like a collective investment scheme – was also eyeing investment opportunities in the energy, minerals and gas sectors.

Nicol board chairman Gideon Kaunda said during the AGM that shareholders were impressed with the rise in profitability.

The company, which owns a considerable number of shares in NMB Bank, has also invested in the government’s debt securities.

Dr Kaunda said Nicol has also established a subsidiary company that invests in real estate.

He said through the subsidiary, Nicol bought the Mirambo Street Properties Limited which owns buildings in Dar es Salaam’s central business district and one of the buildings is Milambo 50.

“Among our big achievements of last year is buying Mirambo Street Properties Limited so we expect the profit will continue to increase and we expect next year the dividend will double,” said Dr Kaunda.