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TNM profit down 10%

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Profit after tax for integrated mobile phone services provider, TNM Plc went down by 10 percent in the year ending December 31 2019.

The firm registered profit after tax of K15 million from K16.6 million realised in 2018.

The drop in the profit is attributed to the one-off functional review costs and increase in depreciation expense resulting from investments made in 4G and U900 technology among other things.

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In its financial statement released yesterday and co-signed by TNM board chairman, George Partridge and Chief Executive Officer Michiel Buitelaar, the firm says in the year under review, the firm invested K18.1 billion, mostly in the network.

Service revenue for the group grew by 3 percent in 2019 and net financing costs increased to K4, 127 million from K2, 914million in 2018.

In its outlook, the company says it has put in place appropriate responses to current and possible future developments.

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“The full scope of the potential social and economic fallout from Covid-19 remains unknown and this introduces a higher than usual degree of uncertainty into our business forecasts.”

Meanwhile, the company has since declared a total dividend of K7,530 million, equivalent to K0.75 per share.

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