Business

TNM posts K16 billion profit

Malawi Stock Exchange-listed integrated ICT services provider, TNM, had a good 12 months in 2018 as it saw its after-tax profit surging by 27 percent, the firm said Thursday.

TNM said in a statement Thursday its net profit jumped from K13.10 billion in 2017 to K16.66 billion in 2018.

The firm has attributed the improved profitability to ongoing initiatives to improve revenue streams and manage costs.

The firm’s earnings before interest, tax, depreciation and amortisation margin improved to 40 percent in 2018 from 37 percent in 2017.

The statement signed by directors George Partridge and John O’Neil says the firm invested K19.318 billion in capital projects in 2018, which was slightly higher than the K19.03 billion invested in 2017.

It says some of the projects included 4G mobile technology (LTE) expansions, network quality improvement, new coverage sites across the country and the replacement of the mobile money platform.

“LTE technology positions the company as a leading ICT provider, employing leading edge technology to offer world class mobile and fixed broadband services,” the directors say.

Looking ahead, the firm says it continues to pursue its strategy to become the preferred ICT provider in Malawi through focus on improved customer experience and product innovation.

“Management will continue to pursue cost efficiencies to protect margins and profitability,” TNM says.

TNM was the first company to provide mobile network services in Malawi. It was established in 1995 as a joint venture between Telekom Malaysia and the then government owned Malawi Telecommunications Limited (MTL). In April 2007, Telekom Malaysia sold its 60 percent majority stake in TNM.

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