Africa-Press – Malawi. The Malawi Agricultural and Industrial Investment Corporation (Maiic) has reported a remarkable financial performance for the year ended December 31 2024, with its profit more than doubling to K6.5 billion from K2.5 billion in 2023.
According to the company’s published financial statement, Maiic total assets grew by 99 percent to K58 billion in 2024 from K29.2 billion in 2023, while interest income surged by 207 percent year-on-year.
Maiic Chief Executive Officer Lloyd Banda attributed the strong performance to strategic investments and improved operational efficiency despite challenging economic conditions.
“These results demonstrate our resilience and commitment to our mandate as Malawi’s development finance institution. The 207 percent growth in interest income reflects our expanded asset base and strategic portfolio management,” Banda said.
Maiic Chairman Donbell Mandala noted that the corporation’s profitability indicators showed substantial improvement, with Return on Assets increasing to 11.1 percent from 8.6 percent in 2023, while Return on Equity jumped to 29 percent from 16 percent.
“Despite operating in a challenging economic environment characterized by global supply chain disruptions and local foreign currency shortages, our performance metrics demonstrate the effectiveness of our business strategy and operational model,” Mandala said.
He added that interest expenses grew by 113 percent due to a 46 percent increase in the FInES Subordinated Debt drawdown, reflecting the corporation’s expanded funding base.
Looking ahead, Mandala expressed optimism about the macroeconomic outlook for 2025, stating that the corporation will focus on capital raising, cost rationalization, and prudent risk management while maintaining a healthy capital position.
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