December 5, 2017 Dar es Salaam – National Investment Company Limited (NICOL) held its third annual general meeting with its shareholders demonstrating significant improvement in revenue compared to previous years.
The company for the first time paid a total of TZS 946,030,450/- as dividend to its shareholders after it recorded a profit of TZS 8.6 billion year ending 2016 which was much higher compared to TZS 15,011,000/- profit of the year ending 2015.
The improvement is credited to the new board under its chairman, Dr Gideon Kaunda who has played a pivotal role in revamping the company after it was previously mismanaged resulting to it being delisted on the Dar es Salaam Stock Exchange (DSE) and failing to pay dividends to some of its shareholders.
Speaking to shareholders during the annual meeting, Dr. Kaunda assured shareholders that NICOL is on the right track and will continue to pay dividends in future.
‘’Notwithstanding the magnitude of the problems encountered, we consistently ensured NICOL’s capital is strengthened to achieve a better financial performance in the future. For the first time in ten years we are able to declare a dividend. We are confident that NICOL shall continue to pay dividends incrementally in the years to come’’ said Dr. Kaunda.
Judge Mark Bomani who was also present at the meeting hoped for the new NICOL to keep growing as it has shown it is able to generate massive revenue within a short term by focusing on projects with high returns. ‘’It is my hope NICOL grows to be a larger investment arm and gives its shareholders and Tanzanians more reason to investment ’’ said Judge Bomani.
There has been other financial entities in Tanzania that empower Tanzania such as Unit Trust of Tanzania that encourages the savings through participation of ownership of shares/units but NICOL stands to top the other investment models by offering its shareholders more value for their money.