Malawi’s corporate sector is showing signs of resilience, with several companies defying prevailing economic hardships to announce substantial profits for the year 2024.
Despite challenges such as inflation, forex shortages, and tight fiscal conditions, several firms across banking, insurance, and investment sectors have reported strong financial results for the year 2024.
Old Mutual Unit Trust Company (Malawi) Limited is the latest to join the list, after reporting impressive performance across its two major investment funds in 2024.
According to the full-year results of the funds, the Interest-Bearing Assets Fund grew from K69.48 billion in 2023 to K99.74 billion in 2024, while the Balanced Fund rose from K21.84 billion to K27.58 billion, bringing total assets under management to K127.33 billion as of December 31, 2024, a 39.4% increase year-on-year.
The strong results were fueled by solid returns. The Interest-Bearing Assets Fund delivered a gross annualised return of 29.4%, well above its 17.8% benchmark, while the Balanced Fund posted 35.5%, surpassing its 33.6% target.
“The funds continue to demonstrate consistent delivery of competitive returns to customers,” said Board Chairperson Alfred Majamanda. “Management remains committed to closely monitoring economic trends and proactively implementing strategies that preserve and enhance stakeholder value.”
Since its inception in 2011, the Interest-Bearing Assets Fund has averaged 23.1% returns, while the Balanced Fund has returned 30.7%, both comfortably beating their long-term benchmarks.
Majamanda also announced plans to launch a new digital platform aimed at enhancing the customer experience, with more details to be unveiled soon.
