By Jones Gadama
Telekom Networks Malawi (TNM) has reported a significant turnaround in its financial performance, posting a profit of K10.05 billion for the year ending December 31, 2024.
This achievement marks a substantial recovery from the company’s previous loss-making situation.
According to TNM Board Chairperson Ted Sauti Phiri, the company’s success can be attributed to its cost-saving initiatives and customer-focused business model.
“We have not only returned to profitability, but we’ve also reaffirmed our strategic foresight, stakeholder trust, and operational discipline,” Sauti Phiri said during the company’s Annual General Meeting (AGM) in Blantyre.The company’s total revenue grew by 34% to K158.17 billion, driven by a 59% surge in mobile money usage through Mpamba and a 40% increase in data revenue. TNM’s earnings before interest, tax, depreciation, and amortization (EBITDA) also increased by 30% to K47.89 billion.
Despite the positive financial performance, some shareholders expressed concerns over the lack of dividend payments for the past two years.
However, others remained optimistic about the company’s future prospects, given its current trajectory.
TNM’s Chief Commercial Officer, Amon Jere, also highlighted the importance of the company’s sponsorship of the Super League of Malawi, which has contributed to the growth of its subscriber base and revenue.
The company has pledged to continue supporting the league and has even increased its sponsorship package to include player of the match awards.
With its strategic initiatives and commitment to sustainability, TNM is poised for continued growth and success in the Malawian telecommunications industry.
The company projects a profit after tax of between K7.82 billion and K8.27 billion for the half-year ending June 2025, representing a significant increase from the previous year.
