Malawi’s 10 most profitable listed companies in 2025

Malawi Stock Exchange is emerging as one of Africa’s fastest-growing profit hubs, with listed companies generating a combined $523.8 million (MWK907.97 billion) in after-tax earnings in 2025.

The surge is driven by strong performances from banking giants, telecom operators, and agro-industrial leaders, despite persistent inflation and currency volatility.

Top firms, including Standard Bank Malawi, National Bank of Malawi, Airtel Malawi, and Illovo Sugar Malawi, are leading the charge, leveraging digital expansion, lending growth, and export demand to sustain profitability and investor returns.

Financial institutions dominate the profitability rankings, with heavyweights like Standard Bank Malawi and National Bank of Malawi leveraging digital transformation, lending growth, and regional exposure to sustain margins. 

Meanwhile, telecom operator Airtel Malawi is capitalizing on rising data demand, and agro-industrial giant Illovo Sugar Malawi continues to benefit from strong domestic and export markets.

Together, these companies are not only driving shareholder returns but also shaping Malawi’s economic trajectory, creating jobs, expanding access to financial services, and strengthening the country’s investment appeal. 

The rise of these companies underscores the growing strength of the Malawi Stock Exchange as a hub for capital and profitability in Africa. 

Anchored by banking giants, telecom leaders, and diversified conglomerates, these firms are not just delivering returns; they are shaping Malawi’s economic future and reinforcing its position as an emerging investment destination on the continent. 

Below is a closer look at the 10 most profitable companies listed on the MSE as profiled by Shore Africa.

1. NBS Bank Plc
Profits after tax: MWK150.42 billion ($86.77 million)
NBS Bank Plc stands as one of Malawi’s fastest-growing financial institutions, with a net profit of MWK150.42 billion ($86.77 million), which is more than 105% increase from the prior year’s MWK72.99 billion ($42.11 million). Its profitability is driven by aggressive retail banking expansion, digital banking adoption, and improved asset quality. The bank has strengthened its earnings through increased lending to SMEs and salaried workers, while maintaining cost discipline. Its transformation strategy continues to enhance operational efficiency, positioning NBS as a rising force in Malawi’s competitive banking sector.

2. Standard Bank Malawi Plc
Profits after tax: MWK121.7 billion ($70.2 million)
Standard Bank Malawi, part of Standard Bank Group, remains a dominant player with MWK121.7 billion ($70.2 million) in net profit, marking a 40.91% increase from the previous year’s MWK86.37 billion ($49.76 million). Its profitability stems from corporate banking strength, trade finance, and digital innovation. The bank benefits from strong regional backing, enabling it to deliver consistent earnings growth. Its diversified portfolio and focus on high-value clients continue to reinforce its leadership position on the MSE.

3. FMB Capital Holdings Plc
Profits after tax: MWK118.26 billion ($68.22 million)
FMB Capital Holdings, which posted a profit of MWK118.26 billion ($68.22 million), operates across multiple African markets. Its profitability is fueled by regional diversification, strong interest income, and foreign exchange gains. The group’s ability to leverage cross-border opportunities has strengthened earnings resilience. With a growing footprint in Southern Africa, FMB Capital continues to deliver solid returns while expanding its influence beyond Malawi.

4. National Bank of Malawi Plc (NBM)
Profits after tax: MWK102.28 billion ($59.01 million)
National Bank of Malawi, which reported MWK102.28 billion ($59.01 million) profit after tax, is one of the country’s most established financial institutions. Its profitability is anchored in a strong lending book, digital banking services, and corporate relationships. The bank’s consistent dividend payouts and robust earnings growth make it a favorite among investors seeking stability and returns.

5. Illovo Sugar Malawi Plc
Profits after tax: MWk77.22 billion ($44.55 million)
Illovo Sugar Malawi, which made a profit of MWk77.22 billion ($44.55 million), a 241.17% jump in profit from the previous year, is a leading agro-industrial company. Its profitability is driven by large-scale sugar production, export earnings, and operational efficiency. Illovo paid MWK48.99 billion ($28.26 million) in tax in 2025. As part of Illovo Sugar Africa, it benefits from regional expertise and scale, posting a revenue of MWk476.74 billion ($275 million) amid strong demand for sugar in domestic and as export markets, which continue to underpin its earnings.

6. FDH Bank Plc
Profits after tax: MWK74.06 billion ($42.73 million)
FDH Bank, recording profit after tax of  MWK74.06 billion ($42.73 million), has emerged as the 6th most profitable firm and a strong contender in Malawi’s banking sector. Its profitability is supported by retail banking growth, SME financing, and digital transformation. The bank’s focus on financial inclusion and customer-centric products has expanded its market share, while efficient operations continue to boost margins.

7. NICO Holdings Plc
Profits after tax: MWK72.01 billion ($41.54 million)
NICO Holdings, with MWK72.01 billion ($41.54 million) in profit after tax, ranks as the 7th most profitable firm and operates across insurance, banking, and asset management. Its diversified business model drives steady profitability, supported by innovation and technology adoption. NICO’s ability to cross-sell products and expand its financial services ecosystem has strengthened its earnings base, making it a key pillar of Malawi’s financial sector.

8. Press Corporation Plc (PCL)
Profits after tax: MWK64.67 billion ($37.31 million)
Press Corporation Plc, with profit after tax amounting to MWK64.67 billion ($37.31 million), is one of Malawi’s largest diversified companies and the 8th most profitable firm on the local bourse. Its profitability is supported by investments across sectors, including telecoms, energy, and financial services. PCL’s broad portfolio provides earnings stability and growth opportunities, making it a cornerstone of the Malawian corporate landscape.

9. Airtel Malawi Plc
Profits after tax: MWk42.72 billion ($24.65 million)
Airtel Malawi, with MWk42.72 billion ($24.65 million) in profits, is a key player in the telecom sector and the 9th most profitable firm. Its profitability is driven by rising mobile penetration, data consumption, and mobile money services. Backed by Airtel Africa, the company continues to invest in network expansion and digital services, positioning it for sustained growth.

10. National Investment Trust Limited (NITL)
Profits after tax: MWk29.76 billion ($17.17 million)
National Investment Trust Limited, with MWk29.76 billion ($17.17 million) in profits after tax, plays a crucial role in collective investment. Its profitability is driven by portfolio diversification and long-term asset growth. NITL provides investors with access to a broad range of equities, supporting wealth creation while contributing to capital market development in Malawi.