The Malawi Agriculture and Industrial Investment Corporation (MAIIC) plc saw its net profit for the year ended December 31, 2020 at MK280 million after registering a loss of MK431 million in 2019.
This is according to a financial statement the firm published yesterday.
Notably, most of the players in the financial services sector registered profitability growth during the period under review amid the Covid pandemic.
The firm was incorporated in November, 2018 as a public limited company.
MAIIC Chief Executive Officer Taz Chaponda attributed the performance to sound financial strategies and planning in areas such as cost-management strategy.
He added that, after the period Malawi Agriculture and Industrial Investment Corporation (MAIIC) plc saw its net profit for the year ended December 31, 2020 at MK280 million after registering a loss of K431 million in 2019.
He added that after the company started its operations in 2019, it issued some loans which registered interest income towards the second half of 2020.
“From our treasury management services, we are quite careful with the funds that we have; remember that the shareholders provided us with seed capital, so with that seed capital through treasury management services, we are able to place it and get some good income through the investment,” Chaponda said.
He said amid the Covid pandemic, the outlook remains positive as the firm works towards diversifying its reach.
“We see ourselves coming in to support some of those vulnerable sectors, in particular the SME sector; we are really trying to support SMEs in issues such as working capital and so forth,” he added.
MAIIC is structured to provide financing to SMEs and businesses that lack sound capital to take off or grow.
It aspires to be the leading enabler of high impact economic development in Malawi, where interest rates are deemed relatively higher than in most regional counterparts.
