Malawi Stock Exchange (MSE)–listed Telekom Network Malawi (TNM) plc has said the relatively stable and improved macroeconomic environment has helped anchor the company’s growth in 2017.
TNM plc board chairperson George Partridge, speaking in an interview at the 23rd Annual General Meeting (AGM) held at Sunbird Mount Soche in Blantyre, said this was aside from the on top of innovations and initiatives undertaken during the review period to offer more value to subscribers.
He said: “Last year we had incurred about K800 million of exchange losses and this time around the exchange losses are only K10 million. This speaks volumes that the stability in the economy has helped in the performance of the company.
“We always and will continue to improve our services. Recently we have upgraded our system with the 4G, a highest internet speed that is available in the world, comparing favourably with other developed countries,” he said.
Partridge further pointed that the company will, going forward, continue to grow on the back of strategies set to achieve the feat saying 2018 promises to be a better year as their profit is currently about 44 percent above what was recorded the same period last year.
In the year ended December 31 2017, the company’s overall revenues increased by 22 percent due to growth in subscriber base, increases in prepaid airtime revenues and improvement as well as expansion in network.
During the period, the group registered a profit after tax ofK13.1 billion, a 60 percent increase compared to the previous year’s K8.21 billion and similarly shareholders’ funds also rose by 40 percent to K29.13 billion from K20.84 billion in the prior year.
One shareholder, Terrence Nsamala, in an interview on the sidelines of AGM expressed satisfaction the performance of the company.
“We have seen the profit of the company going up by 60 percent in the year 2017 and we have also seen a cautionary statement in the press that the company is expecting its profit for the first half of 2018 to be above 40 percent. Most importantly our share of dividends has also been increasing hence we are happy with the performance,” he said.