NICO Holdings, one of the major conglomerates listed on the stock market, is strategizing on making its international subsidiaries profitable.
According to the group’s financial statement, its subsidiary in Zambia registered a loss of K1.1 billion.
Speaking at the group’s 54th Annual General meeting in Blantyre, Board chairperson Gaffar Hassam said they have commenced working on strategies to improve their performance.
Despite the loss in Zambia, Hassam noted that there has been significant growth in the company’s other foreign entities.
For the year ending 31st December 2023, NICO posted a profit of K59 billion.
