The National Investment Company Ltd (NICOL) Group net profit climbed up considerably thanks to investment income.
The mutual fund, which was delisted from Dar es Salaam Stock Exchange main market mid-2011, posted a profit of 8.67bn/- last year up considerably from 15m/- of 2015.
According to the financial statement issued yesterday, the Group attributed the rise mainly to investment income that generated 5.03bn/- last year from 3.71bn/- in 2015.
Also the private equity firm gross profit climbed up slightly to 1.21bn/- in 2016 from 1.17bn/- in 2015. The profit rejuvenated hopes of the management to turn around the company and buried down for two factions disagreement on running the fund.
The good profit posted for last year, also pushed up both diluted and basic earnings per share over 20 times to 232/-.
The troubled private equity firm, which listed all of its 1.6 billion shares on the bourse in 2008, holds 6.6 percent of NMB Bank. NICOL also has stake in two active subsidiaries namely Tanzania Fisheries Development Company (TFDC) and Tanzania Meat Company Limited (TMCL).
TFDC is 100 per cent owned and is involved in processing Nile perch for export to the European Union and other markets. TMCL is a meat processing company for beef and other related products. NICOL is in a joint venture with government owned National Ranching Company, with NICOL having a 51 per cent stake in the venture.
The company which was listed in 2008 was delisted in 2011 from trading at DSE after the exchange complained for several times failures to submit financial statements.
The suspension also cited the NICOL’s move to diversify part of its investment in the NMB by selling 22 million shares before notifying DSE in writing as required as per obligations.
Late last year, NICOL new management said the company was under investigation on the 10bn/- loss allegedly occasioned during the company's former management in 2009.
Daily News
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