Profit statements

NICOL’s net profit increases by 59% in the first half of 2022

Unaudited financial results show total income increased 61% to 6.95 billion/- from 4.33 billion/- respectively due to strong growth in interest income, dividend income and other income .

Interest income increased by 12,553% to 1.67 billion/- during the first half of this year, against 13.2 million/- recorded during the same half last year, while income from dividends increased by 22% to 5.28 billion/- from 4.31 billion/- respectively.

Growth in total revenue also pushed total operating income up 57% to 5.98 billion/- from 3.80 billion/- respectively, despite increases in employee benefits, administrative expenses and other administrative expenses . Board spending slowed during the reporting period.

According to the results, administrative expenses recorded strong growth of 256% to 526 million/- from 147 million/- respectively, while management expenses slowed down by 14% to 120.1 million/- from 139.6 million. /- respectively.

The corporate tax bill increased by 22% to 263.6 million/- from 215.8 million/- respectively.

Total assets increased to 111.35 billion/- from 75.2 billion/- respectively due to increase in cash and cash equivalents, equity investments, government bonds, property, plant and equipment in a context of a slowdown in the right to use assets.

Cash and cash equivalents more than tripled to 1.9 billion/- from 636.8 million/- respectively.

Equity investment increased to 87.79 billion/- in the first half of this year from 57.12 billion/- in the first half of last year, while investment in government bonds slightly increased to 19.5 billion/- from 15.4 billion/- respectively.

The company’s cash flow statement shows that cash flow from operating activities increased to 4.08 billion/- during the first half of this year from 2.61 billion/- recorded during from the second half of last year due to profit after tax adjustment to 5.98 billion/- from 4.09 billion/- respectively, decrease in time deposit interest and increase in tax payment.

Net cash used in investing activities slowed to 4.2 billion/- in the first half of 2022, from 14.4 billion/- in the second half of 2021, due to the dramatic decline in cash paid for the purchase of government bonds at 3.8 billion/- against 13.6 billion/- respectively.