TNM posted a profit-after-tax of K780 million in the first half of this year, about 153 percent above the K1.34 billion loss the telecommunication firm made during the same period last year.
This is according to the company’s financial statement co-signed by board chairperson Ted Sauti Phiri and audit committee chairperson Lekani Katandula.
In the statement, the Malawi Stock Exchange-listed firm said it registered a 17 percent increase in revenue to K51.27 billion from K43.78 billion during the same period last year.
The firm attributes the performance to growth in data revenue by 22 percent to K20.47 billion from K16.77 billion last year, and Mpamba revenue by 35 percent to K8.36 billion from K6.18 billion in 2022.
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The group invested K7 billion in capital expenditure during the period, down from K9.31 billion during the same period last year, notably in distribution systems, network and systems catering for expansion, improvement and future use as data needs grow.
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“The group has taken a positive trajectory from the dismal performance experienced over the last 18 months. All key performance metrics are showing signs of recovery and are moving towards the right direction,” the statement reads.
On outlook, the statement indicates that the macro-economic environment is expected to remain challenging, putting pressure on the group’s profitability.
It adds that the volatile exchange rates, foreign currency scarcity and pressure on inflation will continue to adversely impact the cost of operations.
“The group will continue developing and implementing initiatives to drive customer growth, grow revenues, deliver efficiencies in costs and improve overall group financial performance,” the statement adds.
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Meanwhile, the company has not declared dividends to shareholders for the period, citing the need to prioritise recovery from the recent past subdued performance of the company.
