Shareholders of Malawi’s own mobile telecommunication company, TNM, will receive a total of MWK 1.1 billion representing 11 tambala per share in final dividends, the board said on Wednesday.
The board’s resolution follows the declaration on Wednesday of a final dividend of K502 million (5 tambala per share) for the period ended December 31, 2013, bringing the total to K1.1 billion. TNM already declared and paid an interim dividend of MWK 602 million.
The dividend resolution was passed during TNM’s 19th Annual General Meeting Wednesday at Mount Soche Hotel in Blantyre.
“TNM is now well positioned for the future and your management team commit to deliver even more customer satisfying services into the years ahead,” said Managing Director, Willem Swart.
Profits for the year advanced 275 percent to K2.6 billion from K692 million recorded last year. In terms of service growth, the company registered a 62 percent growth from K17.4 billion in 2012 to K28.3 billion in 2013.
Apart from approving remuneration of the Chairman and non Executive Directors with effect from June 1st June, the board also re-elected Pius Mulipa and John Sean O’Neil as directors.
A major milestone for the financial year that ended for TNM was the surpassing of the 2 million customer benchmark.
TNM is the only telecommunications company listed on the Malawi Stock Exchange.