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NICO Holdings to construct US$ 21 Million Shopping Mall
Reported by Suzgo Khunga (20/October/2008)
Construction of an upmarket shopping mall in Lilongwe, estimated to cost US$21 million (about K3 billion), will be ready by 2010, according to owners, NICO Holdings.
NICO Holdings Financial Director Vizenge Kumwenda confirmed in an interview recently that the mall, which would be situated close to another NICO property, NICO Centre, would be called Lilongwe City Shopping Mall.
The new shopping mall will be situated on land, which was formerly a Shire Buslines Ltd depot and workshop.
According to NICO Holdings, the property sits on 14,000 square metres, of which 4,500 square metres has been signed to Game Stores.
Broll Malawi Portfolio Executive Anton Bieber said with its experience in Blantyre, instead of going to other countries, Game Stores decided to increase its penetration in Malawi to lure shoppers from neighbouring countries like Zambia and Mozambique.
Broll Malawi, who are also leasing agents, have already signed a contract with food chain Spar, which is expected to open two flagship stores in Lilongwe and Blantyre before diversifying to small shops where there will be need.
Household textile chain, Sheet Street , which sells beddings and house decorations, will also have a shop at the mall allowing shoppers to purchase all inclusive textiles.
Broll Malawi has also signed fashion chain Mr Price and textile shop Woolworths, but will also sign 20 other shops such as pharmacies, boutiques, opticians and cafes as construction of the mall proceeds.
So far, according to Bieber, surveys have been undertaken on the site and plans have been submitted to Lilongwe City Assembly, but letting will only start next year.
Bieber said each of the disciplines which will be working on the construction of the mall would have local partners but architects are from Cape Town, South Africa and they have experience with construction of Game and Spar supermarket there. "Yes, the schedule is tight because of planning of big shops like Game and Spar. Building time is estimated at 14 months and it will not be complicated, but sophisticated," Bieber said.
The new mall has been designed in such a way that access to NICO Centre, Shoprite and banks is easy.
"The new mall will have lots of packing space and shoppers will be able to leave their vehicles, walk to the banks while doing shopping before coming to sit down to a cup of coffee before heading home," Bieber said.
He said the new retail shops like Sheet Street, Woolworths, Mr Price and Spar will complement local franchise, but also give Malawian shoppers, who have become sophisticated, a wide range of choices and better quality.
NICO sways share index
Reported by Caroline Kandiero (13/October/2008)
NICO Holdings Limited last week influenced the Domestic Share Index to push up the Malawi All Share Index (MASI) after registering a share price increase.
According to the Malawi Stock Exchange (MSE) weekly report, Masi went up by 9.77 points after a 50 tambala share price increase in NICO from K9.00.
The increase pushed up the Domestic Share Index from 4696.93 to 4704.74 points. Real Insurance and Sunbird experienced a decrease of share prices of tambala 50 and tambala 10 respectively.
Real insurance share price dropped from K3.50 to K3.00 while Sunbird has decreased from K9.00 to K8.90 oer The report also indicates that the market recorded trading activities in eleven counters, with a total transaction of 9,665,914 shares being transacted.
The activities brought about a total consideration of MK96,552,599.10 approximately US$686,727.14 in 33 deals. According to the report, the foreign share index was steady at 521.59 points.
NICO half year profits soar 95%
Reported by Taonga Sabola, The Nation Newspaper (11/September/08)
A robust performance by NICO Holdings Limited subsidiaries pushed up the company's pre-tax profits for the half year ended June 30, 2008 by 95 percent despite grappling to contain fraudulent claims and increased competition, the financial services group said yesterday.
The company said in its financial statement that gross revenue grew by 29 percent from K5.3 billion to K6.8 billion with profit before tax jumping from K520 million to K1.02 billion.
The statement, co-signed by NICO Holdings Limited chairman George Jaffa and managing director Felix Mlusu, has attributed the enviable performance to the group's strategy to improve earnings by growing the top line with quality business.
According to the statement, the general insurance business recorded a gross revenue growth of 33 percent with life insurance and pension business registering a 32 percent premium growth buoyed by good customer service and aggressive marketing.
NICO Holdings Limited, which has controlling stakes in NBS Bank Limited, said the banking business continued to grow from strength to strength in terms of deposits and advances. NBS Bank recorded a 13 percent growth in deposits with loans and advances rising by 24 percent.
"The bank made a profit before tax of K521 million compared to K148 million earned during a similar period last year. This represents 252 percent increase while profit after tax at K334 million was 208 percent above the corresponding period," reads part of the statement
NICO further said its investment portfolio also recorded good tidings despite falling interest rates.
Looking ahead the group says it is confident of posting even better results come December 31, 2008.
Listed on the Malawi Stock Exchange (MSE) the group's shares were trading at K8.20 at the start of business yesterday, according to an MSE trading report for Tuesday.
NICO Holdings Limited owns NICO Insurance (Zambia) Limited, Niko Insurance Tanzania Limited and NICO Insurance (Uganda) Iimited across the borders while locally it owns NICO Life Insurance Company Limited, NICO General Insurance Limited, NICO Technologies Limited, NBS Bank Limited and several properties including the Chichiri Shopping Centre and Ryalls Hotel in Blantyre as well as NICO House and NICO Centre in Lilongwe.
NICO HOLDINGS MOVES TO CHIBISA HOUSE
 
NICO Holdings Limited’s head offices have moved from NICO House to Chibisa House within Blantyre due to the expansion of the company.
NICO House has now been left to the trading companies: NICO Life Insurance Company Limited and NICO General Insurance Limited. These companies mainly deal with the public and this means that their customers will enjoy a more spacious environment.
The move has also freed considerable parking space around NICO House since more than a dozen vehicles associated with NICO Holdings Limited’s staff have now relocated to Chibisa House parking lot.
"In line with our value of observing good corporate governance, we created a risk and compliance services division responsible for the whole Groupincluding the subsidiaries in Zambia, Tanzania and Uganda,” said the Group's Corporate Affairs Manager Linda Banda.
"We also created an investment division. These new divisions required quite a lot of space," said Banda.
She said the Company is planning another move, that of NICO Technologies Limited (NICOtech)
to join NICO Holdings Limited in Chibisa House. NICOtech are currently housed in a building not owned by the NICO Group.
"NICO Holdings Limited wishes to house its subsidiaries in one building because it is a "one-stop" financial services organisation. NICO House, therefore, offers life insurance, property and motor vehicle insurance as well as banking, all in one building," said Banda.
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NICO pre-tax profit up 68%
Reported by Henry Mchazime, The Daily Times Newspaper (21/April/08)
NICO Holdings Limited pre- tax profit for the year ending December 2007 has jumped to K1.7 billion from Kl billion in 2006 results released Friday have shown.
The report, endorsed by Chairman George Jaffu and Managing Director Felix Mlusu, says the profit jump represents an increase of 68 percent.
NICO Holdings which has investments in NICO General Insurance, NICO Life and NBS Bank says in 2007 premiums for general insurance business grew by 40 percent.
"This exceptional growth is due to our focussed and aggressive marketing in all our markets. Challenges in terms of dealing with fraud claims, debtor's management and underinsurance among others are receiving top priority," reads part of the statement.
NICO says life insurance and pension business continued to register excellent performance as its premiums grew by 36 percent.
The company further indicates that growth prospects for its NBS Bank look good as its deposits grew by 29 percent while lending increased by 38 percent.
"In the year, the bank concluded two agreements with Norsad and International Finance Corporation (IFC) to manage US$5 million and US$3 million lines of credit for medium term project finance and for on lending to SME sector respectively," the statement reads in part.
The insurance giant says in an addition to the interim dividend of K90 million (8.6 tambala per share) the board, on April 11, recommended a final dividend of K160 million (15.4 tambala per share).
"This brings a total dividend out of 2007 profits to K250 million (24 tambala per share) compared to K225 million (22 tambala per share) paid out of 2006 profits," the company says.
The company says it would enhance its regional growth strategy as prospects for 2008 look positive on the back of rapid economic- growth in Tanzania, Zambia and Uganda.
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