TNM projects bright future amid profit recovery and investment focus
Telekom Networks Malawi (TNM) plc is projecting a brighter future for its business following a strong financial recovery in 2024, marked by a post-tax profit of K10.05 billion — reversing two consecutive years of losses.
TNM Board Chairperson Ted Sauti-Phiri hailed 2024 as a “turnaround year” for the company, reaffirming its commitment to financial stability, governance excellence, and shareholder value creation.
Speaking on Monday during TNM’s 30th Annual General Meeting -AGM, Sauti-Phiri emphasized that despite the return to profitability, the Board had recommended no final dividend for the year.
Instead, TNM will focus on strengthening its financial position and investing in critical network infrastructure, a decision Sauti-Phiri justified in light of Malawi’s challenging economic climate.
At the AGM, shareholders deliberated on several key matters aligned with TNM’s renewed focus on financial resilience, governance reforms, and long-term value creation.
The AGM also confirmed the appointment of telecoms executive Frank Dalitso Chozenga to the Board and approved the re-election of directors Tobias Jack and Ronald Mangani.
In 2024, TNM recorded a 34% growth in revenue, reaching K158.17 billion, driven by strong performances in data services and its Mpamba mobile money platform.
The company also invested K33.44 billion in network upgrades and launched sustainability initiatives, including renewable energy projects and digital expansion.
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