NICOL’s strong performance leads to a Sh4.3 billion dividend payout

The payout translates into a dividend of Sh70 per share, which represents a 38 percent increase from last year’s Sh53 per share, when total payout was Sh3.2 billion.

NICOL’s chief executive officer, Mr Erasto Ngamilaga, said the turnout for the meeting exceeded expectations and confirmed that dividend payments would begin on September 24.

“The meeting went very well. Shareholders expressed delight at the continued growth in the value of their shares on the Dar es Salaam Stock Exchange (DSE), and they congratulated NICOL’s management,” he said.

Mr Ngamilaga noted that payments would be credited directly to shareholders’ bank accounts as listed in the company’s register.

He added that many shareholders were encouraged by the steady growth of the company, with the share price currently standing at Sh1,850 on the Dar es Salaam Stock Exchange (DSE).

“We continue to encourage potential investors to join NICOL because the company’s success speaks for itself. We are also exploring additional profitable ventures,” he said.

NICOL’s board chairman, Dr Gideon Kaunda, explained that the main agenda of the AGM was to approve dividends drawn from profits earned through various investments.

Last year, NICOL Group profit increased to Sh9.1 billion compared to Sh6.8 billion recorded during the previous year, according to the company’s audited financial statements for the year ending December 31, 2024.

“Shareholders are satisfied with the progress of their company. The shares they hold have appreciated to Sh1,850, reflecting the company’s profitability,” he said.

Dr Kaunda added that NICOL had invested in several lucrative ventures, including commercial properties attracting reliable tenants.

One shareholder, Mr Boaz Malay, commended the company’s management for raising the dividend from Sh53 last year to Sh70 this year.

“The public should consider joining NICOL because it is performing well. Shareholders are receiving good and timely dividends, making it a sound and stress-free investment,” he said.

Another shareholder, Ms Bernadeta Joseph, praised the company’s progress and encouraged the leadership to sustain its performance to further increase future payouts.

She also called for public education on investment to start at primary and secondary school levels, so more citizens can participate in growing local companies.