BLANTYRE-(MaraviPost)-Telekom Networks Malawi (TNM) plc celebrated its 30th Annual General Meeting (AGM) in Blantyre on Monday, July 21 where shareholders gathered to discuss key decisions and celebrate the company’s return to profitability.
Despite posting a significant profit after tax of MK10.05 billion in 2024, the Board recommended no final dividend, prioritizing financial strengthening and critical network investments amidst Malawi’s challenging economic environment.
TNM’s revenue grew by 34% to MK158.17 billion, driven by strong performances in its data services and Mpamba mobile money platform.
The company invested MK33.44 billion in network upgrades and sustainability initiatives, focusing on financial resilience, governance reforms, and shareholder value creation.
According to TNM Board Chair Ted Sauti-Phiri, 2024 was a “turnaround year” for the company, marked by significant improvements in profitability and revenue.
The company’s focus on customer-centricity, cost-saving initiatives, and business model realignment contributed to its success.
Although Malawi’s economic environment posed challenges, including high inflation and interest rates, TNM’s investment in network upgrades and sustainability initiatives positions the company for future growth.
The company expects to continue growing and improving its services, with shareholders optimistic about TNM’s future prospects.
The AGM saw a positive reception, with shareholders pleased about the company’s performance.
TNM is committed to reducing its environmental impact and improving its sustainability performance by increasing its use of solar power and battery capacity to reduce reliance on diesel generators.
