Malawi Stock Exchange (MSE)-listed TNM has recorded a remarkable turnaround with a profit of K10 billion for 2024, from a K4 billion loss in 2023.
The company’s positive outturn has been reflected in its share price, which has increased from K22.99 to K89.50, marking an all-time high for the company on the MSE.
This came out at the company’s Annual General Meeting in Blantyre on Monday.
TNM Board Chairman Ted Sauti Phiri attributed the success to strategic business model changes and market realignment.
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“I think 2024 was a very good year. You saw that the profitability improved from a loss-making situation to K10 billion profit which is excellent. Every aspect of the business did very well.
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“We sort of realigned ourselves to what the market needs. We also changed the business model, in many respects, being more customer-focused. We changed the commercial side of the business, but also went through a cost-saving initiative,” Phiri said.
Despite past difficulties, the chairman expressed optimism about the company’s future prospects.
“The outlook is good. I think we continue to grow. We continue to do better. We continue to have very good reception from the customers. So the outlook is excellent,” he said.
Minority Shareholders of Listed Companies (Misalico) General Secretary Frank Harawa expressed strong expectations for dividend payments following the company’s return to profitability.
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“The company was not profitable; we have been posting losses for several years. But now the company is back to profitability and we are seriously expecting that there will be at least a dividend to be declared,” Harawa said.
