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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

NICO Holdings

NICO · Malawi Stock Exchange · Consolidated statements

On this page
Company details
Legal name
NICO Holdings Plc
Listing
NICO on the Malawi Stock Exchange, active · ISIN MWNICO010014 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

Read with these figures

  • Qualified audit opinion. FY2025: Basis: Basis for Qualified Opinion on Consolidated Financial Statements and Separate Financial Statements (PDF p32, p33). Details below.
Full wording and sources

  • Auditor's report, year to 2025-12-31: qualified opinion ('except for')

    The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. The auditor (Deloitte, Malawi) gave a qualified opinion on NICO Holdings Plc's consolidated and separate financial statements for 2025. Except for one matter, the auditor found the statements give a true and fair view. The matter: the Group did not recognise deferred tax on unrealised gains on listed shares, contrary to IAS 12. The auditor states that recognising it would have increased deferred tax liabilities by K187 billion, reduced insurance contract liabilities by K144 billion and reduced profit for the year by K43 billion. The figures shown here are the statements as published, without those adjustments. (auditor's report, PDF p32, p33; verified on the page images 2026-10-08)

    Source: NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p32 (dated 2026-04-02)

  • Insurance revenue (IFRS 17)

    MWK 177 billion

    177,132,416 MWK thousands · p39

    +21.4% vs 2024

    IFRS 17 insurance revenue, as printed: not gross written premiums.

  • Insurance service result

    MWK 75.7 billion

    75,723,475 MWK thousands · p39

    +18.0% vs 2024

  • Profit / (loss) for the year

    MWK 324 billion

    323,507,858 MWK thousands · p39

    +140.7% vs 2024

  • Total assets

    MWK 4.21 trillion

    4,207,411,546 MWK thousands · p38

    +73.2% vs 2024

  • Insurance contract liabilities

    MWK 1.81 trillion

    1,812,698,721 MWK thousands · p38

    +101.0% vs 2024

  • Total equity

    MWK 545 billion

    545,401,651 MWK thousands · p38

    +98.6% vs 2024

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

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source
  • FY2023 — audited financial statements, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, MWK thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filingFY2023Audited financial statementscomparative in FY2024 filing
Insurance revenue 177,132,416 145,873,59212 81,006,070
Insurance service expenses (52,539,160) (53,297,584) (69,907,111)
Net expense from reinsurance contracts held (48,869,781) (28,386,946) (2,348,266)
Net insurance service results 75,723,475 64,189,0623 8,750,693
Gains and income from investment assets measured at fair value through profit or loss4 1,080,273,743 257,637,000 188,806,419
Change in investments from underlying items of contracts issued5 (1,090,285,072) (275,411,143) (181,501,460)
Finance expenses from insurance contracts issued6 (10,011,329) (17,774,143) 7,304,959
Finance income from reinsurance contracts held78 3,197,767 4,144,494 1,232,082
Net insurance finance expenses9 (6,813,562) (13,629,649) 8,537,041
Fees and commission income 24,570,396 21,209,432 13,783,912
Banking operations: effective interest income10 417,942,483 239,794,40811 Not reported in this filing12
Other income from banking operations13 110,967,720 46,847,39014 Not reported in this filing15
Investment income: effective interest income1617 89,852,847 59,739,71818 29,666,619
Other investment income19 98,874,639 15,694,444 10,274,034
Investment and other revenue20 742,208,085 383,285,392 200,418,201
Other income 3,915,468 1,055,615 119,676
Share of profit from associated companies 1,498,141 931,543 344,364
Share of profit from joint venture21 119,692 196,550 159,491
Net other income22 5,533,301 2,183,708 623,531
Investment expenses23 (1,594,651) (619,392) (533,214)
Bank interest expense (158,830,844) (118,376,491) (64,493,129)
Administrative expenses (143,287,010) (98,185,069) (63,989,959)
Impairment losses (38,485,617) (4,724,575) (4,563,427)
Net other operating costs24 (342,198,122) (221,905,527) (133,579,729)
Profit before net other finance costs25 474,453,177 214,122,98626 84,749,737
Net other finance costs27 (3,064,863) (3,657,855) (1,162,748)
Profit before income tax expense 471,388,314 210,465,13128 83,586,989
Income tax expense (147,880,456) (76,072,121)2930 (24,869,746)
PROFIT FOR THE YEAR 323,507,858 134,393,010 58,717,243
Total other comprehensive income for the year net of tax31 22,681,175 4,635,69432 6,197,704
Total comprehensive income for the year 346,189,033 139,028,70433 64,914,947
Non-controlling interest34 155,674,666 62,384,043 27,805,127
Income from banking operations35 Not reported in this filing36 Not reported in this filing3637 146,693,636
  1. Printed “* 145 873 592”; read as 145873592. p39: Printed '* 145 873 592': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 145873592.
  2. Printed “***239 794 408”; read as 239794408. p39: Printed '***239 794 408': the issuer's footnote marker '***' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 239794408.
  3. Printed “***46 847 390”; read as 46847390. p39: Printed '***46 847 390': the issuer's footnote marker '***' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 46847390.
  4. Printed “***59 739 718”; read as 59739718. p39: Printed '***59 739 718': the issuer's footnote marker '***' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 59739718.
  5. Printed “*(76 072 121”; read as (76072121). p39: Printed '*(76 072 121': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure; the closing bracket is not printed (text layer and page image); the opening bracket marks a deduction. Read as (76072121).
Notes and alternative reported figures (32)
  1. Audited financial statements dated 2025-04-24 prints 133 159 852 (thousands, p31) for this line and year.
  2. Audited financial statements dated 2025-04-24 prints 51 475 322 (thousands, p31) for this line and year.
  3. “Gains and income from investment assets measured at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Underlined with the next line into 'Finance expenses from insurance contracts issued' (p39).
  4. “Change in investments from underlying items of contracts issued” is an issuer-specific line, not mapped to a shared definition: Underlined with the line above into 'Finance expenses from insurance contracts issued' (p39).
  5. Printed under different labels across filings: “Finance expenses from insurance contracts issued”; “Finance income/(expenses) from insurance contracts issued”.
  6. “Finance income from reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Note 31.3.
  7. Printed under different labels across filings: “Finance income from reinsurance contracts held”; “Finance income/(expenses) from reinsurance contracts held”.
  8. Printed under different labels across filings: “Net insurance finance expenses”; “Net insurance finance(expenses)/income”.
  9. “Banking operations: effective interest income” is an issuer-specific line, not mapped to a shared definition: Note 33.1.
  10. Not reported in this filing: Not reported separately on the face of the statement: included in 'Income from banking operations' (146 693 636 for 2023) in the FY2024 consolidated statement of comprehensive income (p31). Note 33 (p157) itemises 'Gross interest from banking' 111 896 110 within that line, but the component is not a statement line. Text layer.
  11. “Other income from banking operations” is an issuer-specific line, not mapped to a shared definition: Note 33.2.
  12. Not reported in this filing: Not reported separately on the face of the statement: included in 'Income from banking operations' (146 693 636 for 2023) in the FY2024 consolidated statement of comprehensive income (p31). Note 33 (p157) shows 'Fees and commission income' 7 197 786 and 'Profit on foreign exchange transactions' 27 599 740 within that line, with no single 'other income' figure. Text layer.
  13. “Investment income: effective interest income” is an issuer-specific line, not mapped to a shared definition: Note 34.1.
  14. Printed under different labels across filings: “Interest income”; “Investment income: effective interest income”.
  15. “Other investment income” is an issuer-specific line, not mapped to a shared definition: Note 34.2.
  16. “Investment and other revenue” is an issuer-specific line, not mapped to a shared definition: Subtotal of fees and commission, banking and investment income.
  17. “Share of profit from joint venture” is an issuer-specific line, not mapped to a shared definition: Note 13.2.
  18. “Net other income” is an issuer-specific line, not mapped to a shared definition: Subtotal of other income and shares of profit of associates and the joint venture.
  19. “Investment expenses” is an issuer-specific line, not mapped to a shared definition: Note 34.3.
  20. “Net other operating costs” is an issuer-specific line, not mapped to a shared definition: Subtotal of investment, bank interest, administrative expenses and impairment losses.
  21. “Profit before net other finance costs”: mapping to a shared definition is uncertain. Printed 'Profit before net other finance costs': the subtotal before net other finance costs (note 39).
  22. Audited financial statements dated 2025-04-24 prints 201 409 246 (thousands, p31) for this line and year.
  23. “Net other finance costs” is an issuer-specific line, not mapped to a shared definition: Note 39: net finance costs outside the banking and insurance lines.
  24. Audited financial statements dated 2025-04-24 prints 197 751 391 (thousands, p31) for this line and year.
  25. Audited financial statements dated 2025-04-24 prints (63 358 381) (thousands, p31) for this line and year.
  26. Printed under different labels across filings: “Total other comprehensive income”; “Total other comprehensive income for the year net of tax”.
  27. Audited financial statements dated 2025-04-24 prints 6 522 462 (thousands, p31) for this line and year.
  28. Audited financial statements dated 2025-04-24 prints 140 915 472 (thousands, p31) for this line and year.
  29. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of profit.
  30. “Income from banking operations” is an issuer-specific line, not mapped to a shared definition: FY2024 note 33: income from banking operations, one line (FY2025 splits it).
  31. Not reported in this filing: Not printed: the FY2025 consolidated statement of comprehensive income (p39) has no 'Income from banking operations' line; it prints banking income as two lines, 'Banking operations: effective interest income' and 'Other income from banking operations', with no banking subtotal (both sit within 'Investment and other revenue'). Not derived. Text layer.
  32. Audited financial statements dated 2025-04-24 presents this line for this year: 286 641 798 (p31). Not shown in this column, which follows one filing's presentation.

Balance sheet

Balance sheet, MWK thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filingFY2023Audited financial statementscomparative in FY2024 filing
Cash and cash equivalents 280,137,429 281,852,965 182,381,842
Short-term investments 11,655,931 7,541,016 6,201,445
Placements with other financial institutions1 92,666,797 119,975,348 85,328,881
Loans and advances to customers 349,932,818 234,941,972 153,816,440
Income tax recoverable –2 –2 –2
Other receivables3 32,884,076 30,131,429 15,961,393
Client funds under management4 564,134,547 275,505,701 170,613,700
Reinsurance contract assets 37,234,468 38,582,722 38,988,420
Inventories 1,360,145 649,345 560,704
Amounts due from related parties5 –2 –2 –2
Investment in subsidiary companies6 –2 –2 –2
Investment in associate companies 16,175,345 14,427,42978 3,122,533
Investment in joint venture9 292,944 368,252 296,702
Investment in government securities10 1,051,891,895 753,061,480 473,677,446
Investment in equity shares11 1,668,664,749 601,218,2051213 384,573,540
Loans and debentures14 3,485,573 2,248,700 1,846,362
Investment properties 7,458,641 6,114,080 4,914,032
Deferred tax assets 25,283,346 9,813,333 10,874,475
Right-of-use asset 2,489,520 3,775,319 3,822,558
Intangible assets 17,300,729 17,675,873 10,781,258
Property, plant and equipment15 44,362,593 31,053,140 19,463,185
TOTAL ASSETS 4,207,411,546 2,428,936,30916 1,567,224,916
Issued share capital 52,152 52,152 52,152
Share premium 428,859 428,859 428,859
Revaluation reserve 1,834,972 914,719 776,889
Other reserves17 20,489,768 8,777,5581819 6,515,050
Retained earnings 276,898,630 143,544,232 83,802,320
Total equity attributable to equity holders of the company 299,704,381 153,717,52020 91,575,270
Non-controlling interest 245,697,270 120,862,033 69,431,216
Total equity 545,401,651 274,579,55321 161,006,486
Deposits and customer accounts 991,039,767 645,470,912 497,745,003
Trade and other payables 236,179,636 305,605,809 63,872,119
Client fund payables22 493,508,661 236,895,299 167,830,629
Income tax payable 35,811,084 17,178,581 1,170,213
Insurance contract Liabilities 1,812,698,721 901,701,013 653,300,260
Reinsurance Contracts liabilities 98,171 49,358 305,000
Interest-bearing loans and borrowings 48,077,555 23,470,782 9,927,484
Lease liabilities23 6,948,431 7,448,057 6,795,155
Deferred tax liabilities 37,647,869 16,536,945 5,272,567
Total liabilities 3,662,009,895 2,154,356,756 1,406,218,430
TOTAL EQUITY AND LIABILITIES 4,207,411,546 2,428,936,309 Not yet collected from the source24
Amounts due to group companies25 Not reported in this filing26 –27 –27
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “*14 427 429”; read as 14427429. p38: Printed '*14 427 429': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 14427429.
  3. Printed “*601 218 205”; read as 601218205. p38: Printed '*601 218 205': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 601218205.
  4. Printed “*8 777 558”; read as 8777558. p38: Printed '*8 777 558': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 8777558.
  5. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (22)
  1. Printed under different labels across filings: “Placements”; “Placements with other financial institutions”.
  2. “Other receivables”: mapping to a shared definition is uncertain. Printed 'Other receivables' (note 9.1).
  3. “Client funds under management” is an issuer-specific line, not mapped to a shared definition: Note 9.2.
  4. “Amounts due from related parties” is an issuer-specific line, not mapped to a shared definition: Note 11.10: dash in the Group columns.
  5. “Investment in subsidiary companies” is an issuer-specific line, not mapped to a shared definition: Note 11.9: dash in the Group columns.
  6. Audited financial statements dated 2025-04-24 prints 3 745 612 (thousands, p30) for this line and year.
  7. “Investment in joint venture” is an issuer-specific line, not mapped to a shared definition: Note 13.2.
  8. “Investment in government securities” is an issuer-specific line, not mapped to a shared definition: Note 14.
  9. “Investment in equity shares” is an issuer-specific line, not mapped to a shared definition: Note 15.5.
  10. Audited financial statements dated 2025-04-24 prints 613 786 790 (thousands, p30) for this line and year.
  11. “Loans and debentures” is an issuer-specific line, not mapped to a shared definition: Note 16 (asset).
  12. Printed under different labels across filings: “Property and equipment”; “Property, plant and equipment”.
  13. Audited financial statements dated 2025-04-24 prints 2 430 823 077 (thousands, p30) for this line and year.
  14. “Other reserves” is an issuer-specific line, not mapped to a shared definition: Note 25.4.
  15. Audited financial statements dated 2025-04-24 prints 10 664 326 (thousands, p30) for this line and year.
  16. Audited financial statements dated 2025-04-24 prints 155 604 288 (thousands, p30) for this line and year.
  17. Audited financial statements dated 2025-04-24 prints 276 466 321 (thousands, p30) for this line and year.
  18. “Client fund payables” is an issuer-specific line, not mapped to a shared definition: Note 22.
  19. “Lease liabilities” is an issuer-specific line, not mapped to a shared definition: Note 18.3: not split into current and non-current.
  20. Not yet collected from the source: Not transcribed: the TOTAL EQUITY AND LIABILITIES row (p30) is printed in an image pasted over the bottom of the page and has no text layer, so it cannot be verified against the text; the render shows 2 430 823 077 (2023: **1 567 224 916), equal to total assets.
  21. “Amounts due to group companies” is an issuer-specific line, not mapped to a shared definition: Note 11.11: Group 2025 cell blank, 2024 dash.
  22. Not reported in this filing: The line 'Amounts due to group companies' (note 11.11) carries a 31 Dec 2024 Group entry (a dash) and Company figures only; the Group 2025 column is blank (p38). Checked on the page image; a blank cell is not read as nil.

Cash flow

Cash flow, MWK thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filingFY2023Audited financial statementscomparative in FY2024 filing
Profit before tax1 471,388,314 214,122,986 Not reported in this filing2
Non-cash movements and adjustments to profit before tax3 (1,408,898,232) (405,968,325) Not reported in this filing4
Changes in operating assets5 (717,374,850) (514,867,889) Not reported in this filing6
Changes in operating liabilities7 1,426,245,244 705,762,886 Not reported in this filing8
Cash generated from/(used in) operations (228,639,524) (950,342)9 84,723,186
Interest received- banking business10 386,620,772 234,220,000 Not reported in this filing11
Interest paid -banking business12 (118,041,635) (79,481,000) Not reported in this filing13
Interest received14 110,557,829 –15 Not reported in this filing16
Interest paid-other17 (71,074,559) (38,895,491) Not reported in this filing18
Tax refund19 855,278 8,005,070 –15
Income tax paid (127,475,538) (51,767,248)2021 (25,152,896)
Net cashflows generated from/(used in) operating22 (47,197,377) 71,130,98923 59,570,290
Proceeds disposal of property and equipment 1,430,087 175,067 79,682
Proceed from disposal of investment24 805,000 –25 Not reported in this filing26
Additions to property and equipment and intangible assets27 (21,684,836) (24,438,192) (14,880,998)
Additions to investment properties28 –25 (55,923) (103,242)
Investment in Subsidiary29 –25 –25 Not reported in this filing30
Investment in associate31 –25 (10,156,234)32 Not reported in this filing33
Dividends received from equity investments34 9,987,519 9,010,620 Not reported in this filing35
Dividends received from Joint venture36 195,000 –25 Not reported in this filing35
Additions to Investment in government securities3738 (36,243,890) (19,509,133)39 (38,124,036)
Disposal of investment in government securities4041 73,731,687 40,437,44042 30,275,738
Additions to loans and debentures43 –25 (2,000,000) (1,360,000)
Proceeds from disposal of loans and debentures4445 83,333 1,623,158 736,842
Additions to equity shares46 (15,013,965) (32,617,229)47 (15,140,950)
Proceeds from disposal of equity shares4849 –25 8,508,490 2,847,841
Interest received50 75,679,889 60,590,616 65,052,977
Net cash generated from investing activities 88,969,824 31,568,68051 37,901,804
Long term borrowings raised52 26,208,813 20,512,500 2,858,320
Capital repayment of long-term borrowings53 (9,319,333) (7,117,145) (2,061,225)
Interest repayment on long term borrowings54 –55 –55 Not reported in this filing56
Capital repayment of lease liabilities57 (1,281,734) (992,703) (1,732,056)
Acquisition of non-controlling interest58 (8,991,287) –55 Not reported in this filing59
Transaction cost on acquisition of non-controlling interest60 (83,799) –55 Not reported in this filing61
Dividend paid (46,663,063) (24,502,638) (14,466,517)
Net cash used in financing activities (40,130,403) (12,099,986) (15,401,478)
Net increase/decrease) in cash and cash equivalents62 1,642,044 90,599,68363 82,070,616
Cash and cash equivalents at 1 January 273,198,520 182,381,842 96,525,115
Effects of changes in exchange rates (259,770) 216,99564 3,786,111
Cash and cash equivalents at 31 December 274,580,794 273,198,520 182,381,842
Cash receipts from customers65 Not reported in this filing66 Not reported in this filing6667 251,432,930
Cash payments to employees and suppliers68 Not reported in this filing69 Not reported in this filing6970 (219,939,772)
Increase in operating assets- banking business71 Not reported in this filing72 Not reported in this filing7273 (108,261,505)
Increase in operating liabilities- banking business74 Not reported in this filing75 Not reported in this filing7576 163,878,322
Interest paid77 Not reported in this filing78 Not reported in this filing7879 (2,386,789)
Dividend received80 Not reported in this filing81 Not reported in this filing8182 8,517,950
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “**** (51 767248)”; read as (51767248). p44: Printed '**** (51 767248)': the issuer's footnote marker '****' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure; the digits are printed with irregular spacing ('51 767248'); read as one amount with the same digits. Read as (51767248).
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  4. Printed “***(10 156 234)”; read as (10156234). p44: Printed '***(10 156 234)': the issuer's footnote marker '***' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as (10156234).
  5. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (77)
  1. “Profit before tax” is an issuer-specific line, not mapped to a shared definition: Opening line of the operating section; the 2024 figure printed (214 122 986) is the statement of comprehensive income's 'Profit before net other finance costs'.
  2. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method; operating activities run 'Cash receipts from customers', 'Cash payments to employees and suppliers', 'Increase in operating assets- banking business', 'Increase in operating liabilities- banking business', 'Interest paid', 'Cash generated from/(used in) operations', 'Tax refund' and 'Income tax paid'. There is no profit before tax (indirect-method) starting line. Text layer.
  3. “Non-cash movements and adjustments to profit before tax” is an issuer-specific line, not mapped to a shared definition: One line.
  4. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method; operating activities run 'Cash receipts from customers', 'Cash payments to employees and suppliers', 'Increase in operating assets- banking business', 'Increase in operating liabilities- banking business', 'Interest paid', 'Cash generated from/(used in) operations', 'Tax refund' and 'Income tax paid'. There is no non-cash movements and adjustments line. Text layer.
  5. “Changes in operating assets” is an issuer-specific line, not mapped to a shared definition: One line.
  6. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method; operating activities run 'Cash receipts from customers', 'Cash payments to employees and suppliers', 'Increase in operating assets- banking business', 'Increase in operating liabilities- banking business', 'Interest paid', 'Cash generated from/(used in) operations', 'Tax refund' and 'Income tax paid'. There is no 'Changes in operating assets' (the direct-method statement shows only the banking-business increase in operating assets) line. Text layer.
  7. “Changes in operating liabilities” is an issuer-specific line, not mapped to a shared definition: One line.
  8. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method; operating activities run 'Cash receipts from customers', 'Cash payments to employees and suppliers', 'Increase in operating assets- banking business', 'Increase in operating liabilities- banking business', 'Interest paid', 'Cash generated from/(used in) operations', 'Tax refund' and 'Income tax paid'. There is no 'Changes in operating liabilities' (the direct-method statement shows only the banking-business increase in operating liabilities) line. Text layer.
  9. Audited financial statements dated 2025-04-24 prints 124 735 618 (thousands, p36) for this line and year.
  10. “Interest received- banking business” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  11. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method has no 'Interest received- banking business' line; the only interest received line is 'Interest received' 65 052 977 under investing activities (transcribed separately). Text layer.
  12. “Interest paid -banking business” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  13. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method has no 'Interest paid -banking business' line; operating activities print a single 'Interest paid' (2 386 789), transcribed under native.co_r9rx2m3ta5p0.cf_interest_paid_operating. Text layer.
  14. “Interest received” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  15. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method has no interest received line in operating activities; 'Interest received' 65 052 977 is printed under investing activities (transcribed separately). Text layer.
  16. “Interest paid-other” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  17. Not reported in this filing: Not printed under this label: the FY2024 consolidated statement of cash flows (p36), which uses the direct method prints a single 'Interest paid' (2 386 789) in operating activities, transcribed under native.co_r9rx2m3ta5p0.cf_interest_paid_operating; there is no 'Interest paid-other' line. Text layer.
  18. “Tax refund” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  19. Audited financial statements dated 2025-04-24 prints (54 174 268) (thousands, p36) for this line and year.
  20. Printed under different labels across filings: “Net cash generated from/(used in) operating activities”; “Net cashflows generated from/(used in) operating”.
  21. Audited financial statements dated 2025-04-24 prints 78 566 420 (thousands, p36) for this line and year.
  22. “Proceed from disposal of investment” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  23. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method has no 'Proceed from disposal of investment' line; disposal lines are 'Proceeds disposal of property and equipment', 'Disposal of government securities', 'Disposal of loan and debentures' and 'Disposal of equity shares'. Text layer.
  24. “Additions to property and equipment and intangible assets” is an issuer-specific line, not mapped to a shared definition: Investing activities, notes 19 and 20: one line.
  25. “Additions to investment properties” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 17.
  26. “Investment in Subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities: dash in the Group columns.
  27. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method has no 'Investment in Subsidiary' line in the Group columns. Text layer.
  28. “Investment in associate” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  29. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method has no 'Investment in associate' line; equity purchases are shown as 'Additions to equity shares' (15 140 950 for Group 2023). Text layer.
  30. “Dividends received from equity investments” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  31. Not reported in this filing: Not reported separately: included in 'Dividend received' (8 517 950 for Group 2023) in the FY2024 consolidated statement of cash flows (p36), which uses the direct method, a single line not split between equity investments and the joint venture. Text layer.
  32. “Dividends received from Joint venture” is an issuer-specific line, not mapped to a shared definition: Investing activities, note 13.2.
  33. “Additions to Investment in government securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  34. Printed under different labels across filings: “Additions to Investment in government securities”; “Additions to government securities”.
  35. Audited financial statements dated 2025-04-24 prints (35 309 975) (thousands, p36) for this line and year.
  36. “Disposal of investment in government securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  37. Printed under different labels across filings: “Disposal of government securities”; “Disposal of investment in government securities”.
  38. Audited financial statements dated 2025-04-24 prints 46 360 314 (thousands, p36) for this line and year.
  39. “Additions to loans and debentures” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  40. “Proceeds from disposal of loans and debentures” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  41. Printed under different labels across filings: “Disposal of loan and debentures”; “Proceeds from disposal of loans and debentures”.
  42. “Additions to equity shares” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  43. Audited financial statements dated 2025-04-24 prints (43 299 046) (thousands, p36) for this line and year.
  44. “Proceeds from disposal of equity shares” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  45. Printed under different labels across filings: “Disposal of equity shares”; “Proceeds from disposal of equity shares”.
  46. “Interest received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  47. Audited financial statements dated 2025-04-24 prints 23 572 149 (thousands, p36) for this line and year.
  48. Printed under different labels across filings: “Additions to long term borrowings”; “Long term borrowings raised”.
  49. Printed under different labels across filings: “Capital repayment of long-term borrowings”; “Repayment of long-term borrowings”.
  50. “Interest repayment on long term borrowings” is an issuer-specific line, not mapped to a shared definition: Financing activities, note 24: dash in the Group columns.
  51. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method financing activities are 'Additions to long term borrowings', 'Repayment of long-term borrowings', 'Repayment of lease liabilities' and 'Dividend paid'; there is no interest repayment line. Text layer.
  52. Printed under different labels across filings: “Capital repayment of lease liabilities”; “Repayment of lease liabilities”.
  53. “Acquisition of non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  54. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method has no 'Acquisition of non-controlling interest' line (financing lines: borrowings raised and repaid, lease repayments, 'Dividend paid'). Text layer.
  55. “Transaction cost on acquisition of non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  56. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p36), which uses the direct method has no transaction-cost line for acquisition of non-controlling interest (financing lines: borrowings raised and repaid, lease repayments, 'Dividend paid'). Text layer.
  57. Printed under different labels across filings: “Net increase/(decrease) in cash and cash equivalents”; “Net increase/decrease) in cash and cash equivalents”.
  58. Audited financial statements dated 2025-04-24 prints 90 038 583 (thousands, p36) for this line and year.
  59. Audited financial statements dated 2025-04-24 prints 778 095 (thousands, p36) for this line and year.
  60. “Cash receipts from customers” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method, FY2024).
  61. Not reported in this filing: Not printed: the FY2025 consolidated statement of cash flows (p44), which uses the indirect method (the issuer re-presented the comparative); operating activities run 'Profit before tax', 'Non-cash movements and adjustments to profit before tax', 'Changes in operating assets', 'Changes in operating liabilities', 'Cash generated from/(used in) operations', then interest, tax refund and income tax lines. There is no 'Cash receipts from customers' (direct-method) line. Text layer.
  62. Audited financial statements dated 2025-04-24 presents this line for this year: 351 099 597 (p36). Not shown in this column, which follows one filing's presentation.
  63. “Cash payments to employees and suppliers” is an issuer-specific line, not mapped to a shared definition: Operating activities (direct method, FY2024).
  64. Not reported in this filing: Not printed: the FY2025 consolidated statement of cash flows (p44), which uses the indirect method (the issuer re-presented the comparative); operating activities run 'Profit before tax', 'Non-cash movements and adjustments to profit before tax', 'Changes in operating assets', 'Changes in operating liabilities', 'Cash generated from/(used in) operations', then interest, tax refund and income tax lines. There is no 'Cash payments to employees and suppliers' (direct-method) line. Text layer.
  65. Audited financial statements dated 2025-04-24 presents this line for this year: (185 180 462) (p36). Not shown in this column, which follows one filing's presentation.
  66. “Increase in operating assets- banking business” is an issuer-specific line, not mapped to a shared definition: Operating activities, note 46.1.
  67. Not reported in this filing: Not printed: the FY2025 consolidated statement of cash flows (p44), which uses the indirect method (the issuer re-presented the comparative); operating activities run 'Profit before tax', 'Non-cash movements and adjustments to profit before tax', 'Changes in operating assets', 'Changes in operating liabilities', 'Cash generated from/(used in) operations', then interest, tax refund and income tax lines. There is no separate banking-business operating-assets line. Text layer.
  68. Audited financial statements dated 2025-04-24 presents this line for this year: (460 642 974) (p36). Not shown in this column, which follows one filing's presentation.
  69. “Increase in operating liabilities- banking business” is an issuer-specific line, not mapped to a shared definition: Operating activities, note 46.1.
  70. Not reported in this filing: Not printed: the FY2025 consolidated statement of cash flows (p44), which uses the indirect method (the issuer re-presented the comparative); operating activities run 'Profit before tax', 'Non-cash movements and adjustments to profit before tax', 'Changes in operating assets', 'Changes in operating liabilities', 'Cash generated from/(used in) operations', then interest, tax refund and income tax lines. There is no separate banking-business operating-liabilities line. Text layer.
  71. Audited financial statements dated 2025-04-24 presents this line for this year: 423 348 659 (p36). Not shown in this column, which follows one filing's presentation.
  72. “Interest paid” is an issuer-specific line, not mapped to a shared definition: FY2024: printed within cash generated from/(used in) operations.
  73. Not reported in this filing: Not printed under this label: the FY2025 consolidated statement of cash flows (p44), which uses the indirect method (the issuer re-presented the comparative) has no single 'Interest paid' line; it prints 'Interest paid -banking business' and 'Interest paid-other' separately (transcribed under native.co_r9rx2m3ta5p0.cf_interest_paid_banking and native.co_r9rx2m3ta5p0.cf_interest_paid_other). Text layer.
  74. Audited financial statements dated 2025-04-24 presents this line for this year: (3 889 202) (p36). Not shown in this column, which follows one filing's presentation.
  75. “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing activities (FY2024: one line).
  76. Not reported in this filing: Not printed under this label: the FY2025 consolidated statement of cash flows (p44), which uses the indirect method (the issuer re-presented the comparative) has no single 'Dividend received' line; it prints 'Dividends received from equity investments' and 'Dividends received from Joint venture' separately (transcribed under native.co_r9rx2m3ta5p0.cf_dividends_received_equity and native.co_r9rx2m3ta5p0.cf_dividends_received_jv). Text layer.
  77. Audited financial statements dated 2025-04-24 presents this line for this year: 11 417 640 (p36). Not shown in this column, which follows one filing's presentation.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025; FY2023 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2024.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filingFY2023Audited financial statementscomparative in FY2024 filing
Earnings / (loss) per share (per share)1 160.90 69.04 29.64
Profit / (loss) attributable to shareholders (MWK thousands)2 167,833,192 72,008,967 30,912,116
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and diluted earnings per share (MK)”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of the parent company”.

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 2025 Dividends paid (cash flow statement) Dividend paid (46,663,063) MWK thousands Audited financial statements, p44
31 Dec 2024 Dividends paid (cash flow statement) Dividend paid (24,502,638) MWK thousands Audited financial statements, p44
31 Dec 2023 Dividends paid (cash flow statement) Dividend paid (14,466,517) MWK thousands Audited financial statements, p36

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.

  • NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: Deloitte (Malawi), qualified opinion · signed

    Auditor's sign-off: Deloitte, Chartered Accountants; Christopher Kapenda, Partner

    Final status: Independent auditor's report to the shareholders of NICO Holdings Plc (PDF pp32-37) with a QUALIFIED opinion: a handwritten 'Deloitte' signature over 'Chartered Accountants, Christopher Kapenda, Partner, 2 April 2026' (PDF p37, page image). The statements were approved and authorised for issue by the Board on 20 March 2026 and signed by two directors, Mr Vizenge Kumwenda and Mrs Natasha Nsamala, with handwritten signatures (PDF p38, page image). The board approval date printed (20 March 2026) precedes the auditor's report date (2 April 2026); both kept as printed.

    Document date
    2 Apr 2026
    Auditor's report
    2 Apr 2026
    Board approval
    20 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · MWK thousands (printed “K'000”)
    • The auditor (Deloitte, Malawi) gave a qualified opinion on NICO Holdings Plc's consolidated and separate financial statements for 2025. Except for one matter, the auditor found the statements give a true and fair view. The matter: the Group did not recognise deferred tax on unrealised gains on listed shares, contrary to IAS 12. The auditor states that recognising it would have increased deferred tax liabilities by K187 billion, reduced insurance contract liabilities by K144 billion and reduced profit for the year by K43 billion. The figures shown here are the statements as published, without those adjustments. (auditor's report, PDF p32, p33; verified on the page images 2026-10-08)
    • Basis: Basis for Qualified Opinion on Consolidated Financial Statements and Separate Financial Statements (PDF p32, p33).
    • Statement of cash flows (p44): the 2024 'Profit before tax' (214 122 986) equals 'Profit before net other finance costs' 2024 in the statement of comprehensive income, not 'Profit before income tax expense' (210 465 131). Kept as printed; the printed cash-flow subtotals add up.
    • Cash and cash equivalents at 31 December in the statement of cash flows (274 580 794; 2024: 273 198 520) exclude the fair value movement on short-term deposits (5 556 635; 2024: 8 654 445) included in the statement of financial position (280 137 429; 2024: 281 852 965), as note 5 (PDF p110) shows. The note is not transcribed.
    • Other receivables 2025 is printed with comma thousands separators ('32,884,076') in an otherwise space-grouped column (p38, text layer and page image); kept as printed.
    • Statement of financial position not split into current and non-current items (p38).
    • The 2024 statement of cash flows is re-presented on the indirect method (footnote, p44); the comparative columns of the three statements are headed 'Restated' (notes 1.1-1.4).
    • Qualified audit opinion (PDF pp32-33): the Group has not recognised deferred tax on unrealised gains on listed shares (IAS 12). The auditor states that recognition would raise deferred tax liabilities by K187 billion, lower insurance contract liabilities by K144 billion, lower equity attributable to owners by K22 billion and profit for the year by K43 billion. The figures here are the statements as printed.
    Technical details
    File
    219 pages, with a text layer
    SHA-256
    6506df914ca34256401a810f2ef85cb1d8c91503729df1eb8b13ee743adc9b12
    Entity as printed
    NICO Holdings Plc (the Group and Company)
    Issuer copy
    retrieved 2026-10-08T19:51:44Z

  • NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2024

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

    Audit: Deloitte (Malawi), unmodified opinion · signed

    Auditor's sign-off: Deloitte, Chartered Accountants; Christopher Kapenda, Partner

    Final status: Independent auditor's report to the shareholders of NICO Holdings Plc (PDF pp25-29) with an unmodified opinion ('give a true and fair view') on the consolidated and separate financial statements on pages 28 to 203: a handwritten 'Deloitte' signature over 'Chartered Accountants, Christopher Kapenda, Partner, 24 April 2025' (PDF p29, page image). The statements were approved by the Board on 17 April 2025 (the day '17' handwritten) and signed by two directors, Mr Vizenge Kumwenda and Mrs Natasha Nsamala, with handwritten signatures (PDF p30, page image).

    Document date
    24 Apr 2025
    Auditor's report
    24 Apr 2025
    Board approval
    17 Apr 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2023
    Basis
    consolidated statements · MWK thousands (printed “K'000”)
    • Cash and cash equivalents at 31 December in the statement of cash flows (273 198 520) differ from the statement of financial position (281 852 965) by a 'Fair value movement*' of 8 654 445 (note 5, PDF p100); 2023 figures agree (182 381 842). Kept as printed; the cash continuity check fails by that amount.
    • Statement of financial position not split into current and non-current items (p30). The 2024 statement of cash flows uses the direct method (FY2025 re-presents 2024 on the indirect method).
    • The 2023 comparative columns are headed 'Restated' and several cells carry footnote markers ('*' note 1.1, '**' note 1.2; cash-flow '**' note 1.3: correction of a reclassification error on the banking component's government securities and inclusion of its working-capital changes) (p30, p31, p36).
    • The bottom of the statement of financial position (PDF p30: the TOTAL EQUITY AND LIABILITIES row, the board approval sentence and the directors' signatures) is an image pasted over the page; the text layer does not hold it. The row is recorded as a gap; the render shows 2 430 823 077 (2023: **1 567 224 916), equal to total assets.
    Technical details
    File
    205 pages, with a text layer
    SHA-256
    29730b2aaf93a5e14b5ae80fb32b1207194b5012a00bc05c6eba9d2b8e025c21
    Entity as printed
    NICO Holdings Plc (the Group and Company)
    Issuer copy
    retrieved 2026-10-08T19:52:04Z

Data notes

  • Insurance revenue — Printed '* 145 873 592'; read as '145873592'. Printed '* 145 873 592': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 145873592. (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p39)
  • Banking operations: effective interest income — Printed '***239 794 408'; read as '239794408'. Printed '***239 794 408': the issuer's footnote marker '***' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 239794408. (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p39)
  • Other income from banking operations — Printed '***46 847 390'; read as '46847390'. Printed '***46 847 390': the issuer's footnote marker '***' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 46847390. (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p39)
  • Investment income: effective interest income — Printed '***59 739 718'; read as '59739718'. Printed '***59 739 718': the issuer's footnote marker '***' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 59739718. (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p39)
  • Income tax expense — Printed '*(76 072 121'; read as '(76072121)'. Printed '*(76 072 121': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure; the closing bracket is not printed (text layer and page image); the opening bracket marks a deduction. Read as (76072121). (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p39)
  • Investment in associate companies — Printed '*14 427 429'; read as '14427429'. Printed '*14 427 429': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 14427429. (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p38)
  • Investment in equity shares — Printed '*601 218 205'; read as '601218205'. Printed '*601 218 205': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 601218205. (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p38)
  • Other reserves — Printed '*8 777 558'; read as '8777558'. Printed '*8 777 558': the issuer's footnote marker '*' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as 8777558. (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p38)
  • Income tax paid — Printed '**** (51 767248)'; read as '(51767248)'. Printed '**** (51 767248)': the issuer's footnote marker '****' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure; the digits are printed with irregular spacing ('51 767248'); read as one amount with the same digits. Read as (51767248). (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p44)
  • Investment in associate — Printed '***(10 156 234)'; read as '(10156234)'. Printed '***(10 156 234)': the issuer's footnote marker '***' printed before the amount (the statement's footnotes refer it to a note) is not part of the figure. Read as (10156234). (NICO Holdings Plc Annual Consolidated and Separate Financial Statements For the year ended 31 December 2025, p44)

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