TNM’s profits jumps with 72%: Pockets K4.75billion after tax profits

Malawian mobile network provider Telekom Networks Malawi (TNM) has amassed K4.75 billion in profits in six months despite Malawians complaining of poor services.

This has been revealed in a financial summary for the past six months released by the company.

The report comes at a time when Malawians are still complaining of
poor services and high costs of data and calls.

TNM says in the summary that it has been successful with initiatives to improve revenue streams and manage costs in the first half of 2017 despite facing challenges during the period.

“Net profit after taxation increased by 72 percent to MK4,750 million for the half year beating MK2,766 million [amassed in] the same period last year,” reads the statement.

The local brand network provider also says in the statement that it has made some improvements to its service delivery by mainly investing in 4G technology.

“TNM invested in capital expenditure of MK12,332 million in the first half of 2017 (June 2016: MK 3, 814 million) which mainly consists of 4G mobile technology, Lilongwe and Blantyre quality improvement sites and Northern region coverage sites.

“4G technology positions the company as a leading ICT provider employing leading edge technology to offer services beyond traditional GSM mobile telephony,” reads the statement.

Meanwhile, the company says it expects the challenging business environment to persist in the second half of 2017 although it is optimistic the environment will be marginally better than the previous year.

TNM has also said it will continue to implement cost management initiatives and strategies aimed at expansion and diversification of its revenue base.