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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

National Investment Trust

NITL · Malawi Stock Exchange · Company statements

On this page
Company details
Legal name
National Investment Trust plc
Listing
NITL on the Malawi Stock Exchange, active · ISIN MWNITL010091 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2024 · audited financial statements, signed / final · source

  • Revenue

    MWK 2.11 billion

    2,114,372 MWK thousands · p15

    +45.3% vs 2023

  • Operating profit / (loss)

    Not reported in this filing

  • Profit / (loss) for the year

    MWK 29.8 billion

    29,759,484 MWK thousands · p15

    +38.4% vs 2023

  • Total assets

    MWK 74.3 billion

    74,322,250 MWK thousands · p14

    +64.2% vs 2023

  • Total equity

    MWK 73.8 billion

    73,755,303 MWK thousands · p14

    +63.9% vs 2023

  • Cash from operations

    MWK 1.26 billion

    1,258,330 MWK thousands · p17

    +19.3% vs 2023

Large amounts are rounded for reading (MWK million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MWK thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2024 — audited financial statements, signed / final; reported for the year · source
  • FY2023 — audited financial statements, signed / final; comparative in the FY2024 filing · source
  • FY2022 — annual report, signed / final; comparative in the FY2023 filing · source

Income statement

Income statement, MWK thousands. Columns: FY2024 — audited financial statements (signed / final), as reported for the year; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2024Audited financial statementsreported for the yearFY2023Audited financial statementscomparative in FY2024 filingFY2022Annual reportcomparative in FY2023 filing
Dividend income1 1,868,496 1,410,892 713,687
Interest income 245,876 44,073 56,628
Total revenue 2,114,372 1,454,965 770,315
Auditor’s remuneration2 (20,574) (15,827) (12,233)
Directors’ remuneration -fees34 (43,428) (34,800) (27,045)
Directors’ remuneration -allowances5 (32,071) (18,041) (11,443)
Board meeting expenses6 (305) (304) (275)
Management fees7 (349,686) (209,987) (114,352)
Listing expenses8 (38,708) (32,502) (28,000)
Transfer secretarial fees9 (9,611) (7,689) (7,689)
Communication costs10 (36,246) (21,499) (17,572)
Consultancy and legal fees11 (8,155) (6,499) (5,000)
Other expenses12 (45,626) (22,410) (22,703)
Total expenditure (584,410) (369,558) (246,312)
Profit before fair value gain on equity investments13 1,529,962 1,085,407 524,003
Fair value gain on equity investments 28,529,350 20,400,274 6,576,255
Profit before tax 30,059,312 21,485,681 7,100,258
Income tax (charge)/credit14 (299,828) 18,872 (106,720)
Profit for the year 29,759,484 21,504,553 6,993,538
Notes and alternative reported figures (14)
  1. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Note 14: dividends from equity investments, part of total revenue.
  2. “Auditor’s remuneration” is an issuer-specific line, not mapped to a shared definition: Expenditure line.
  3. “Directors’ remuneration -fees” is an issuer-specific line, not mapped to a shared definition: Expenditure line.
  4. Printed under different labels across filings: “Directors’ remuneration -fees”; “Directors’ remuneration – fees”.
  5. “Directors’ remuneration -allowances” is an issuer-specific line, not mapped to a shared definition: Expenditure line.
  6. “Board meeting expenses” is an issuer-specific line, not mapped to a shared definition: Expenditure line.
  7. “Management fees” is an issuer-specific line, not mapped to a shared definition: Note 16: fund manager's fees.
  8. “Listing expenses” is an issuer-specific line, not mapped to a shared definition: Expenditure line.
  9. “Transfer secretarial fees” is an issuer-specific line, not mapped to a shared definition: Expenditure line.
  10. “Communication costs” is an issuer-specific line, not mapped to a shared definition: Note 17.
  11. “Consultancy and legal fees” is an issuer-specific line, not mapped to a shared definition: Expenditure line.
  12. “Other expenses” is an issuer-specific line, not mapped to a shared definition: Note 18.
  13. “Profit before fair value gain on equity investments” is an issuer-specific line, not mapped to a shared definition: Subtotal: total revenue less total expenditure.
  14. Printed under different labels across filings: “Income tax (charge)/credit”; “Income tax charge”.

Balance sheet

Balance sheet, MWK thousands. Columns: FY2024 — audited financial statements (signed / final), as reported for the year; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2024Audited financial statementsreported for the yearFY2023Audited financial statementscomparative in FY2024 filingFY2022Annual reportcomparative in FY2023 filing
Equity investments1 71,780,518 44,750,120 24,256,623
Government securities2 1,650,142 –3 Not reported in this filing4
Total non-current assets 73,430,660 44,750,120 Not reported in this filing5
Trade and other receivables6 277,281 3,3247 85
Cash and cash equivalents 614,309 519,6698 78,265
Total current assets 891,590 522,993 Not reported in this filing9
Total Assets 74,322,250 45,273,113 24,334,973
Share capital 2,700 2,700 2,700
Share premium 169,550 169,550 169,550
Retained earnings 73,583,053 44,836,069 23,851,266
Total equity (unlabelled subtotal) 73,755,303 45,008,319 24,023,516
Deferred tax 144,568 8,353 135,815
Trade and other payables 382,958 247,128 170,178
Income tax payable 39,421 9,313 5,464
Total current liabilities 422,379 256,441 175,642
Total liabilities 566,947 264,794 311,457
Total Equity and Liabilities10 74,322,250 45,273,113 24,334,973
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
Notes and alternative reported figures (9)
  1. “Equity investments”: mapping to a shared definition is uncertain. Printed 'Equity investments' (note 6(a)), listed and unlisted shares carried at fair value with fair value gains in profit or loss (p15).
  2. “Government securities” is an issuer-specific line, not mapped to a shared definition: Note 7: non-current; nil at 31 December 2023.
  3. Not reported in this filing: Not printed: the 2023 statement of financial position (p36) has no government-securities line for 2022; assets are cash, other receivables and equity investments (checked on the page image).
  4. Not reported in this filing: Not printed: the 2023 statement of financial position (p36) is not split into non-current and current assets; no non-current subtotal for 2022 (checked on the page image).
  5. Printed under different labels across filings: “Other receivables”; “Trade and other receivables”.
  6. Annual report dated 2024-03-28 prints 9,645 (thousands, p36) for this line and year.
  7. Annual report dated 2024-03-28 prints 513,348 (thousands, p36) for this line and year.
  8. Not reported in this filing: Not printed: no current-assets subtotal; the assets close with Total Assets (p36).
  9. Printed under different labels across filings: “Total Equity”; “Total Equity and Liabilities”.

Cash flow

Cash flow, MWK thousands. Columns: FY2024 — audited financial statements (signed / final), as reported for the year; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2024Audited financial statementsreported for the yearFY2023Audited financial statementscomparative in FY2024 filingFY2022Annual reportcomparative in FY2023 filing
Dividends received1 1,608,721 1,410,892 735,305
Interest received 245,876 44,0732 59,977
Operating receipts (unlabelled subtotal)3 1,854,597 1,454,9654 795,282
Operating expenditure paid5 (462,762) (295,862)6 (219,400)
Cash generated from operations (unlabelled subtotal)7 1,391,835 1,159,1038 575,882
Tax paid (133,505) (104,741) (70,788)
Net cash generated from operating activities 1,258,330 1,054,3629 505,094
Disposal of shares10 2,190,341 77,595 1,184,635
Purchase of shares11 (691,389) (170,818) (1,412,116)
Purchase of government securities12 (1,650,142) –13 Not reported in this filing14
Net cash used in investing activities (151,190) (93,223) (227,481)
Dividends paid (1,012,500) (519,750) (411,750)
Net increase in cash and cash equivalents15 94,640 441,38916 (134,137)
Cash and cash equivalents at the beginning of the period 519,669 78,28017 212,402
Cash and cash equivalents at the end of the period 614,309 519,66918 78,265
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (17)
  1. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  2. Annual report dated 2024-03-28 prints 34,513 (thousands, p39) for this line and year.
  3. “Operating receipts (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal in the operating section: dividends received plus interest received.
  4. Annual report dated 2024-03-28 prints 1,445,405 (thousands, p39) for this line and year.
  5. “Operating expenditure paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  6. Annual report dated 2024-03-28 prints (292,608) (thousands, p39) for this line and year.
  7. “Cash generated from operations (unlabelled subtotal)”: mapping to a shared definition is uncertain. Unlabelled subtotal of receipts less operating expenditure paid, before tax paid.
  8. Annual report dated 2024-03-28 prints 1,152,797 (thousands, p39) for this line and year.
  9. Annual report dated 2024-03-28 prints 1,048,056 (thousands, p39) for this line and year.
  10. “Disposal of shares” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 6(b).
  11. “Purchase of shares” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 6(b).
  12. “Purchase of government securities” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 7.
  13. Not reported in this filing: Not printed: the 2023 statement of cash flows (p39) has no purchase-of-government-securities line for 2022 (checked on the page image).
  14. Printed under different labels across filings: “Net decrease in cash and cash equivalents”; “Net increase in cash and cash equivalents”.
  15. Annual report dated 2024-03-28 prints 435,083 (thousands, p39) for this line and year.
  16. Annual report dated 2024-03-28 prints 78,265 (thousands, p39) for this line and year.
  17. Annual report dated 2024-03-28 prints 513,348 (thousands, p39) for this line and year.

Per share and shares

Per share and shares. Columns: FY2024 — audited financial statements (signed / final), as reported for the year; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024; FY2022 — annual report (signed / final), comparative reported in the annual report for 2023.
Line (as printed) FY2024Audited financial statementsreported for the yearFY2023Audited financial statementscomparative in FY2024 filingFY2022Annual reportcomparative in FY2023 filing
Earnings / (loss) per share (per share)5 2.20441 1.592923 51.804
  1. Printed as 220.44 tambala; value converted to MWK at 100 tambala = 1 MWK.
  2. Printed as 159.29 tambala; value converted to MWK at 100 tambala = 1 MWK.
  3. Printed as 5,180 tambala; value converted to MWK at 100 tambala = 1 MWK.
Notes and alternative reported figures (2)
  1. Annual report dated 2024-03-28 prints 15,929 (units, p37) for this line and year.
  2. Earnings / (loss) per share: printed as “Basic and diluted”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid (1,012,500) MWK thousands Audited financial statements, p17
31 Dec 2023 Dividends paid (cash flow statement) Dividends paid (519,750) MWK thousands Audited financial statements, p17
31 Dec 2022 Dividends paid (cash flow statement) Dividends paid (411,750) MWK thousands Annual report, p39

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • National Investment Trust Plc Financial Statements For the year ended 31 December 2024

    Year ended 31 December 2024 · Audited financial statements · signed / final

    Audit: AMG Global, Chartered Accountants, Blantyre, unmodified opinion · signed

    Auditor's sign-off: AMG Global, Chartered Accountants (handwritten 'AMG Global'); engagement partner Ali Nyondo named

    Final status: Independent auditor's report to the shareholders of National Investment Trust plc (PDF pp10-13), unmodified opinion on the financial statements; closed by a handwritten 'AMG Global' signature over 'AMG Global, Chartered Accountants, Blantyre, Malawi, 26 March 2025' (PDF p13, page image); engagement partner Ali Nyondo is named in the text. The statements were approved and authorised for issue by the Board on 26 March 2025 and signed by Esther Gondwe (Chairperson) and Godfrey Msisha (Director) with handwritten signatures (PDF p14, page image).

    Document date
    26 Mar 2025
    Published
    5 Jun 2025
    Auditor's report
    26 Mar 2025
    Board approval
    26 Mar 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    company statements · MWK thousands (printed “Figures in Thousands Malawi Kwacha”)
    • Equity is closed by an unlabelled subtotal (73,755,303; 2023: 45,008,319) and there is no non-current liabilities subtotal: 'Deferred tax' is the only non-current liability (p14).
    • Government securities 2023 is printed as a dash on the statement of financial position and on the cash flow statement (purchase of government securities); read as nil by subtotal arithmetic.
    • The statement of cash flows prints 'Dividends paid' as the only financing line, with no financing subtotal; the operating section has two unlabelled subtotals (p17).
    • The statement titled 'Statements of comprehensive income' prints no other comprehensive income or total comprehensive income line (p15).
    • Financial statements booklet: directors' report (PDF pp5-8), statement of directors' responsibilities (p9), auditor's report (pp10-13), statements (pp14-17), notes (pp18-46).
    Technical details
    File
    48 pages, with a text layer
    SHA-256
    33a9f099fed6be1dbdb4304271cb763efc2b0c930c68740f7e137ee3cd2fa2f5
    Entity as printed
    National Investment Trust plc (the company)
    Exchange copy
    retrieved 2026-10-08T18:06:36Z

  • National Investment Trust plc 2023 Annual Report / Annual General Meeting Pack

    Year ended 31 December 2023 · Annual report · signed / final

    Audit: AMG Global, Chartered Accountants, Blantyre, unmodified opinion · signed

    Auditor's sign-off: AMG Global, Chartered Accountants (handwritten signature); engagement partner Ali Nyondo named

    Final status: Independent auditor's report to the shareholders of National Investment Trust plc (PDF pp32-35), unmodified opinion; handwritten signature above 'AMG Global, Chartered Accountants, Blantyre, Malawi', dated 28 March 2024 (PDF p35, page image); engagement partner Ali Nyondo named in the text. The statements were approved and authorised for issue by the Board on 25 March 2024, with handwritten signatures of Esther Gondwe (Chairperson) and Godfrey Msisha (Director) (PDF p36, page image).

    Document date
    28 Mar 2024
    Published
    12 Jul 2024
    Auditor's report
    28 Mar 2024
    Board approval
    25 Mar 2024
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2022
    Basis
    company statements · MWK thousands (printed “Figures in Thousands Malawi Kwacha”)
    • 'Income tax charge' prints 18,872 for 2023 without brackets and it is added to profit before tax (21,485,681 + 18,872 = 21,504,553), i.e. a credit; 2022 prints (106,720). The cash flow statement heading 'Net decrease in cash and cash equivalents' prints an increase of 435,083 for 2023 (pp37, 39). Kept as printed.
    • The statement of financial position closes with a line labelled 'Total Equity' (45,273,113; 2022: 24,334,973) that equals total assets and equity (45,008,319) plus total liabilities (264,794); it is recorded as total equity and liabilities. Equity itself is an unlabelled subtotal (p36).
    • In FY2023 equity investments are presented under 'Current Assets' and there is no current or non-current asset subtotal (Total Assets only); deferred tax is the only non-current liability, with no subtotal (p36). The statement titled 'Statements of comprehensive income' prints no OCI line (p37). 'Dividends paid' is the only financing line, with no financing subtotal (p39).
    • Earnings per share printed in tambala: 15,929 (2022: 5,180) (p37), stored with minor_unit tambala.
    Technical details
    File
    72 pages, with a text layer
    SHA-256
    9f304d9cf272239ea9394b01cb9522619dd6e54471f74d7cc4c91e51b81c4e4b
    Entity as printed
    National Investment Trust plc (the company)
    Exchange copy
    retrieved 2026-10-08T18:07:10Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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