Company Intelligence — Overview

NICOL

An Investment Holding Company, Re-rated by Its Portfolio
DSE: NICO · National Investments Company Limited · Dar es Salaam Stock Exchange
Read this as an investment company
NICOL’s worth tracks the value of its portfolio (listed equities and government securities), so the right lens is net asset value (NAV) and price-vs-NAV — not operating earnings. NAV-per-share and any premium/discount depend on the current share count; verify the latest figure with the company.
~3,830
Market price · TZS/sh (May 26)
226.2 bn
Total equity / NAV proxy
247.6 bn
Total assets
28.95 bn
Q3 portfolio fair-value gain
70
Dividend · TZS/sh
+39%
Equity growth (9M ’25)
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A Tanzanian investment holding company whose net asset value surged in 2025: total equity rose ~39% to TZS 226.2bn through nine months, driven by fair-value gains on its portfolio of equities and government securities.

The analysis — key observations
  • NAV expansion. Total equity (a proxy for NAV) climbed to TZS 226.2bn from TZS 162.59bn, and total assets to TZS 247.6bn from TZS 188.87bn — a ~39% step-up in nine months.
  • Portfolio-driven returns. Q3 comprehensive income was dominated by a TZS 28.95bn fair-value gain on investments — returns move with the market value of holdings, not trading profit.
  • Non-cash, mark-to-market. Much of the gain is unrealised revaluation; it can reverse if markets fall, so NAV is the number to watch over time.
  • Income too. A final dividend of TZS 70/share (Sep 2025) provides a cash return alongside NAV growth.
The story — 2025
A portfolio re-rating: NICOL’s value rose with its holdings. For an observer, the questions are how the share price sits relative to NAV per share, and how durable the revaluation gains prove.
2025 position (to Q3)
226.2bn
Total equity / NAV
from 162.59bn
247.6bn
Total assets
from 188.87bn
+39%
Equity growth (9M)
28.95bn
Q3 fair-value gain
70
Dividend/sh · TZS
final, Sep 25
~3,830
Share price
29 May 26
How to value it (educational)

For an investment company, compare the share price to NAV per share (total equity ÷ shares outstanding). A price above NAV is a premium; below is a discount. NICOL’s NAV has grown strongly; the current share count is needed to compute NAV per share — verify the latest from the company’s reports before drawing conclusions.

Market backdrop — DSE & macro · mid-2026
3,950
DSE All-Share Index
18 Jun 26
34.2 tn
DSE market cap · TZS
~6%
GDP growth
~3.3%
Inflation · stable macro
Market risk

NAV moves with the value of holdings; a market downturn would reverse unrealised gains.

Concentration & transparency

Portfolio composition and concentration matter; check disclosures for the underlying holdings.

Premium/discount

Investment companies can trade above or below NAV; the gap can widen or narrow over time.