Malawi Stock Exchange (MSE), listed TNM plc has said it is committed to developing a powerful digital platform that enables it to innovate at speed and scale to keep pace with the rate of change in 2018.
TNM Board Chairman, George Partridge, was speaking in Blantyre on Thursday during the firm’s annual general meeting.
Partridge said TNM investment focus in 2018 will be on connectivity, digital platforms and cloud services.
“TNM will continue to focus on innovating and providing solutions that best fit our customers’ needs and expectations, at all levels of society. TNM remains committed to connecting people, changing lives and creating possibilities,” Partridge said.
He noted that the macroeconomic environment is expected to remain challenging.
On financial performance, he said the firm had a better 2017 as it saw it’s after tax profit jumping by 60 percent to hit K13.108 billion from K8.206 billion in 2016.
Partridge said a more favourable macroeconomic environment supported TNM’s strong performance in 2017.
“The volatility of the local economy over the past five years has subsided, creating a more stable environment, with falling inflation rates, lower inflation rates and firmer exchange rates, resulting in expenditure savings.
“Net financing costs decreased to K2.81 billion from K4.25 billion in 2016, which includes foreign exchange losses of K12 million compared with K815 million in 2016,” he said.
During the indaba, the firm declared a final dividend of K2.510 billion, representing 25 tambala per share, bringing the total dividend for the year to K6.024 billion or 60 tambala per share.
One of the firm’s minority shareholders, Terence Nsamala, said he was satisfied with the performance of TNM in 2017 as both profitability and share price grew.
Nsamala said equally interesting is the fact that the firm has indicated that profitability will grow by over 40 percent in the first half of 2018.
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