National Investment Trust Limited

Ticker code NITL Industry Investment Services The National Investment Trust Limited
C/O NICO Asset Managers Ltd
Chibisa House
19 Glyn Jones Road
P.O. Box 3173
Blantyre, Malawi
ISIN MW000A1C5MG9 Sector Financial
Initial Listing 21 March 2005 Financial Year End 30 September
Website www.nitlmw.com Results Released Half-yearly
2010 2011 2012 2013 2014
  MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
           
Net revenue 168,598 211,055 820,059 2,397,460 2,322,586
Total expenditure 32,513 33,709 38,746 51,091 70,413
Profit before taxation 136,085 177,346 781,313 2,346,369 2,252,173
Income tax expense -2,115 -18,298 -13,742 -38,774 -44,463
Profit for the year 133,970 159,048 767,571 2,307,595 2,207,710
Earnings per share (tambala)
Basic and diluted 99 118 569 1,709 1,635
Total assets 2,624,652 2,702,765 3,357,786 5,544,935 7,574,708
Total shareholders' equity 2,589,440 2,651,288 3,286,509 5,436,206 7,427,916
Total liabilities 35,212 51,477 71,227 108,729 146,792
Total equity and liabilities 2,624,652 2,702,765 3,357,736 5,544,935 7,574,708
Net cash from operating activities 104,127 131,339 137,353 249,212 233,254
Net cash used in investing activities -14,114 4,014 6,547 -10,020 -8,132
Dividends paid -65,293 -93,367 -132,300 -157,950 -216,000
Net increase in cash and cash equivalents 24,720 41,986 11,600 81,242 9,122
Cash and cash equivalents at beginning of year 51,723 76,443 118,429 130,029 211,271
Cash and cash equivalents at end of year 76,443 118,429 130,029 211,271 220,393

Period ended: 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Revenue
Net dividend income 149,168 177,526 172,936 258,101 283,107
Scrip dividend - - - - 101,151
Interest income 3,827 3,765 7,520 27,085 33,164
Fair value gain on equity investments 15,603 29,764 639,603 2,112,274 1,905,164
Net revenue 168,598 211,055 820,059 2,397,460 2,322,586
           
Expenditure
Auditor's renumeration 1,538 1,692 3,191 4,252 5,243
Directors' renumeration - fees 3,725 4,115 4,963 5,785 7,600
- allowances 1,072 1,675 2,454 2,152 2,732
Directors' travel and lodging - - - 1,210 2,722
Management fees 15,718 16,079 15,166 19,915 30,357
Listing expenses 3,132 3,300 3,625 4,585 8,687
Transfer secretarial fees 3,611 1,938 4,391 9,793 7,698
Communication costs 3,426 2,526 3,634 2,764 1,028
Consultancy fees 1,247 1,000 253 3,303
Other expenses 291 1,137 322 382 1,043
Total expenditure 32,513 33,709 38,746 51,091 70,413
           
Profit before taxation 136,085 177,346 781,313 2,346,369 2,252,173
Income tax expense -2,115 -18,298 -13,742 -38,774 -44,463
Profit for the year 133,970 159,048 767,571 2,307,595 2,207,710
           
Earnings per share (tambala)
Basic and diluted 99 118 569 1,709 1,635

Period ended: 31-Mar-13 30-Sep-13 30-Jun-14 30-Sep-14 30-Jun-15
Period length: 6 months 6 months 9 months 3 months 9 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Income
Dividends 87,787 170,314 227,203 157,055 217,816
Interest income 13,749 13,336 26,546 6,618 20,904
Fair value gain on equity investments 108,538 2,003,736 1,520,799 384,365 873,546
Total income 210,074 2,187,386 1,774,548 548,038 1,112,266
           
Total expenses -20,495 -30,596 -49,976 -20,437 -68,128
           
Profit before taxation 189,579 2,156,790 1,724,572 527,601 1,044,138
Income tax expense -12,465 -26,309 -27,789 -16,674 -29,239
Net profit for the period 177,114 2,130,481 1,696,783 510,927 1,014,899
Total comprehensive income attributable to equity holders of the company 177,114 2,130,481 1,696,783 510,927 1,014,899
Number of shares in issue 135,000 135,000 135,000 135,000 135,000
Basic and diluted earnings per share (tambala) 131 1,578 1,257 378 752

Period ended: 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Assets
Cash and cash equivalents 76,443 118,429 130,029 211,271 220,393
Prepaid expenses 766 895 926 1,387 2,714
Dividends receivable 6,814 17,062 26,344 7,517 13,870
Interest receivable - - 1,117 3,096 1,622
Income notes 1 1 1 1 -
Equity investments 2,540,628 2,566,378 3,199,369 5,321,663 7,336,109
Total assets 2,624,652 2,702,765 3,357,786 5,544,935 7,574,708
           
Equity and liabilities
Shareholders' equity
Share capital 2,700 2,700 2,700 2,700 2,700
Share premium 169,550 169,550 169,500 169,550 169,550
Retained earnings 2,417,190 2,479,038 3,114,309 5,263,956 7,255,666
Total shareholders' equity 2,589,440 2,651,288 3,286,509 5,436,206 7,427,916
           
Liabilities
Accrual for withholding tax on dividends 496 1,706 2,637 752 1,095
Income tax payable 4,351 4,514 5,721 11,643 8,285
Trade and other payables 25,509 40,641 46,580 48,069 52,609
Deferred tax liability 4,856 4,616 16,289 48,265 84,803
Total liabilities 35,212 51,477 71,227 108,729 146,792
Total equity and liabilities  2,624,652 2,702,765 3,357,736 5,544,935 7,574,708

Period ended: 31-Mar-13 30-Sep-13 30-Jun-14 30-Sep-14 30-Jun-15
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Unavailable Download Download
Assets
Equity investments 3,307,906 5,321,663 6,850,596 7,336,109 8,209,658
Income notes 1 1 - - -
Other current assets 15,204 12,000 103,537 18,206 53,978
Cash and cash equivalents 104,289 211,271 151,635 220,393 186,795
Total assets 3,427,400 5,544,935 7,105,768 7,574,708 8,450,431
           
Equity and liabilities          
Equity  
Share capital 2,700 2,700 2,700 2,700 2,700
Share premium 169,550 169,550 169,550 169,550 169,550
Retained earnings 3,194,223 5,263,956 6,818,989 7,255,666 8,122,065
Total equity 3,366,473 5,436,206 6,991,239 7,427,916 8,294,315
           
Liabilities
Deferred tax liability 16,289 48,265 48,265 84,803 84,803
Provision for withholding tax 823 752 8,794 1,095 3,736
Income tax 9,101 11,643 13,783 8,285 12,309
Current liabilities 34,714 48,069 43,687 52,609 55,268
Total liabilities 60,927 108,729 114,529 146,792 156,116
Total equity and liabilities 3,427,400 5,544,935 7,105,768 7,574,708 8,450,431

Period ended: 30-Sep-10 30-Sep-11 30-Sep-12 30-Sep-13 30-Sep-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Cash flows from operating activities
Dividends received 145,583 167,278 182,495 304,698 306,500
Interest received 3,827 3,765 6,470 25,106 34,638
149,410 171,043 188,965 329,804 341,138
Operating expenditure paid -31,209 -22,539 -31,910 -51,946 -66,852
118,201 148,504 157,055 277,858 274,286
Taxes paid -14,074 -17,165 -19,702 -28,646 -41,032
Net cash from operating activities 104,127 131,339 137,353 249,212 233,254
           
Cash flows used in investing activities
Purchase of shares -14,114 -7,101 -43,723 -10,020 -8,132
Proceeds from sale of shares - 11,115 50,270 - -
Net cash used in investing activities -14,114 4,014 6,547 -10,020 -8,132
           
Cash flows to financing activities
Dividends paid -65,293 -93,367 -132,300 -157,950 -216,000
Net increase in cash and cash equivalents 24,720 41,986 11,600 81,242 9,122
Cash and cash equivalents at beginning of year 51,723 76,443 118,429 130,029 211,271
Cash and cash equivalents at end of year 76,443 118,429 130,029 211,271 220,393

Period ended: 31-Mar-13 30-Sep-13 30-Jun-14 30-Sep-14 30-Jun-15
Period length: 6 months 6 months 9 months 3 months 9 months
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Unavailable Download Download
Operating activities
Dividends received 105,923 198,775 144,549 161,951 190,406
Interest received 13,371 11,735 28,944 5,694 19,935
119,294 210,510 173,493 167,645 210,341
Operating expenditure -38,750 -13,196 -49,906 -16,946 -72,862
80,544 197,314 123,587 150,699 137,479
Taxes paid -9,085 -19,561 -33,339 -7,693 -22,577
Cash flows from operating activities 71,459 177,753 90,248 143,006 114,902
           
Investing activities
Purchase of shares - -10,020 -8,132 - -
Proceeds from sale of shares - - - - -
Cash flows from investing activities - -10,020 -8,132 - -
           
Financing activities
Dividends paid -97,200 -60,750 -141,750 -74,250 -148,500
Cash flows from financing activities -97,200 -60,750 -141,750 -74,250 -148,500
Net decrease/increase in cash and cash equivalents -25,741 106,983 -59,634 68,756 -33,598
Cash and cash equivalents at beginning of period 130,029 104,288 211,271 151,637 220,393
Cash and cash equivalents at end of period 104,288 211,271 151,637 220,393 186,795