TNM 2021 profit after-tax up 25%
TNM plc has reported a 25 percent increase in profit after-tax to K9.69 billion for the year ended December 31 2021, published financial results show.
This is a jump from K7.73 billion achieved during the same period the previous year.
In a statement accompanying the financial results co-signed by the company’s board chairperson George Partridge and audit committee chairperson Lekani Katandula, the Malawi Stock Exchange-listed firm said its revenue grew by 21 percent to K32.54 billion from K26.87 billion recorded in 2020.
Reads the statement in part: “The group registered a satisfactory performance despite the unique challenges brought by the Covid-19 pandemic. Data revenue grew by 21 percent to K32.54 billion while mobile money revenue grew by 23 percent to K11.48 billion.”
According to the report, subscriber base grew by 14 percent due to enhanced efforts to acquire new customers, which resulted in growth of total revenue by nine percent to K99.13 billion from K90.90 billion in 2020.
The firm, however, recorded a 16 percent increase in depreciation expense to K16.33 billion from K14.05 billion in 2020.
In view of the expected continued challenging macroeconomic environment, TNM plc says it will continue with its innovative customer focused business model to minimise the impact and continue creating value for its stakeholders
The directors have since proposed a final dividend of K4.32 billion at 43 tambala per share.
