Tanzania’s delisted Nicol announces financial statement with Sh8.67bn profit

Dar es Salaam. Tanzania’s National Investment Company (Nicol) which was delisted from the Dar es Salaam Stock Exchange (DSE) announced on October 3, its financial statement for 2016 showing it had increased profit-after tax to Sh8.67 billion from Sh15 million in the previous year.

The troubled private equity firm listed all of its Sh1.6 billion shares on the bourse in 2008 but it was scrapped from the DSE in 2011 for failing to submit financial results for 2009 and 2010 and sold a stake in a local firm irregularly.

The company’s investment income increased from Sh3.7 billion in the year ended December 2015 to Sh5 billion at the end of 2016 while other income increased from Sh128.13 million to Sh6.1 billion during the same period.

The audited report stated that proceeds from disposal of property, plant and equipment was Sh4.37 billion compared with Sh5.49 million previously.

The announcement of the financial statement is a step forward in the company’s effort to go back to the DSE.

In June this year, Nicol announced to shareholders through its website that it would be back on the bourse this August. On September 4, the firm updated that it could not be back to the DSE as Capital Markets and Securities Authority (CMSA) was waiting for the delayed audited financial statement.

The 2016 financial statement was published on newspapers today.