In the evolving landscape of the Dar es Salaam Stock Exchange (DSE), few companies have undergone a transformation as significant as AFRIPRISE Investment Plc (Ticker: AFRIPRISE). Originally incorporated in 1999 as TCCIA Investment Plc, the firm officially rebranded in June 2024 to better align with its aggressive regional growth ambitions across East Africa and the SADC region.

If you are looking for a high-yield investment opportunity in the Tanzanian market, here is why AFRIPRISE is currently a top “BUY” recommendation with a share price of TZS 820 (as of January 24, 2026).

Afriprise Strong Financial Performance & Growth Metrics

AFRIPRISE’s 2024 annual results showcased a business in high-growth mode. Key financial highlights include:

• Revenue Surge: Revenue climbed to TZS 4.22 billion, a 37% year-on-year increase.
• Net Profit Explosion: Profits grew significantly from TZS 1.98 billion in 2023 to TZS 3.40 billion in 2024.
• Asset Strength: By Q2 2025, total assets reached TZS 60.26 billion, reflecting a robust and expanding balance sheet.
• Earnings Per Share (EPS): Despite a slight dip in 2023 due to the dilutive effects of a successful rights issue, EPS remained stable at TZS 23.33 in 2024 and reached TZS 18.72 by mid-2025.

Afriprise, A Diversified & High-Quality Portfolio

AFRIPRISE operates as a closed-end fund with a sophisticated investment strategy. Their asset quality is anchored by holdings in 14 publicly listed companies, including heavyweights like:

1. NMB Bank Plc (43.92% of portfolio)
2. Tanzania Breweries Limited (TBL) (25.30%)
3. Tanzania Cigarette Company (TCC) (18.77%)

To mitigate local market shocks, the company has expanded its footprint to the Nairobi Securities Exchange (NSE), holding strategic stakes in Safaricom, Equity Group, and KCB Group.

Beyond equities, AFRIPRISE is pivoting toward yield-driven, lower-risk instruments. This includes a TZS 1.45 billion allocation to SUKUK Bonds, offering semi-annual returns of 9%-11% p.a., and highly liquid iCash investments targeting Treasury bills.

Why Investors are Bullish on Afriprise : Dividends and Valuation

For income-focused investors, AFRIPRISE offers an attractive dividend yield of 3.12%. For the 2024 fiscal year, the Board recommended a payout of TZS 18.00 per share, representing a generous payout ratio of roughly 77%.

Afriprise Peer Valuation Table**

While AFRIPRISE trades at a premium compared to its peers (P/E of 18.0x), this reflects the market’s confidence in its consistent profitability and progressive dividend policy.

Strategic Income Shift (2024 vs. 2025)

The company is actively diversifying its income streams to manage risk.

• FY 2024 Composition: Income was dominated by interest income (~60%), with dividends making up the remaining ~40%.
• H1 2025 Shift: Dividend share increased to ~45%, signaling stronger payouts from their equity holdings.
• 2025 Forecast: Total investment income is projected to nearly double to TZS 7.32 billion by year-end.

The “Hidden” Afriprise Diversifiers

Beyond the major stocks like NMB and TBL, AFRIPRISE is leveraging alternative financial assets to ensure stability:

• SUKUK Bonds: TZS 1.45 billion invested in Islamic corporate bonds (Imaan Finance Ltd) with semi-annual returns of 9%–11% p.a..
• iCash Investment: TZS 1.3 billion allocated to highly liquid, low-risk instruments like Treasury bills and short-term debt.
• Regional Reach: The fund now holds 5 of its 14 equity stakes on the Nairobi Securities Exchange (NSE), including Safaricom and KCB Group.

Investment Risks to Monitor on Afriprise

No “BUY” recommendation is without its caveats. Investors should keep an eye on:

• Liquidity Constraints: Limited trading volume on the Dar es Salaam Stock Exchange (DSE) might slow down short-term price appreciation.
• Market Volatility: As a closed-end fund, fluctuations in the stock market directly impact their fair-value gains and NAV.
• Valuation Maintenance: Maintaining a premium P/E requires the company to hit its high earnings momentum targets consistently.

When looking at the Tanzanian investment landscape, AFRIPRISE Investment Plc and National Investments Company Limited (NICOL) are the two dominant closed-end funds. While they share similar goals—investing in listed equities to provide shareholder value—their financial profiles and market strategies are distinct.

Here is a side-by-side comparison to help you understand where each stands as of mid-2025.

AFRIPRISE vs. NICOL: Head-to-Head Comparison

Key Strategic Differences between Afriprise and NICOL

1. 1. Valuation: Growth vs. Value

• AFRIPRISE is currently favored by growth-oriented investors. Its high P/E ratio (18.0x) signals that the market is willing to pay more for its future potential and regional expansion. It trades at a slight premium to its Book Value, reflecting confidence in its management.
• NICOL is the classic “value” stock. Historically, it has traded at a massive discount (often 60–70% below its Net Asset Value). This makes it attractive for long-term investors waiting for the market to realize its underlying asset worth.

2. Portfolio Diversification

• AFRIPRISE has moved aggressively to reduce its reliance on the Tanzanian market. By investing in the Nairobi Securities Exchange (NSE) (Safaricom, KCB, Equity Group) and alternative assets like SUKUK bonds, it offers a hedge against local economic shifts.
• NICOL is heavily concentrated. Its success is intrinsically tied to the performance of NMB Bank. While this has been highly profitable due to NMB’s record dividends, it lacks the geographic and sectoral breadth that AFRIPRISE is building.

3. Operational Efficiency

• AFRIPRISE demonstrated superior bottom-line growth in 2024 (+72%), largely due to gains from security trading and disciplined cost management.
• NICOL saw a surge in operating expenses in late 2024 (up 248%), which slowed its net profit growth to a modest 5% despite strong dividend income from its core holdings.

Summary Verdict

• Buy AFRIPRISE if: You want a modern, regional investment fund with high growth momentum and a diversified asset base across East Africa.
• Buy NICOL if: You are looking for a high-value asset currently “on sale” by the market, with strong dividend backing from Tanzania’s banking giants.