TNM | 2013 Annual financial report
The Directors of Telekom Networks Malawi Limited have released the Company’s annual report for the year ended 31 December 2013.
Below are extracts from the Chairman’s letter and financial highlights.
Chairman’s letter to shareholders
Our company TNM is a capital intensive company and so investment (and by definition innovation) is mandatory in order to grow and provide our shareholders with a return. Furthermore, without investment, Malawi’s telecommunications industry cannot grow or innovate.
Benjamin Graham (in the opinion of many, the Father of Investing) points out a cruel irony when investing; we invest in the present, but we invest for the future. Unfortunately the future is always uncertain. Inflation and interest rates are unpredictable, economic recessions come and go at random and other economic fundamentals often turn out to be the opposite of what investors expect.
As a consequence of Mr Graham’s irony, your Board and management are required to make adjustments to our strategy as the future becomes the present. We have to balance investment, amend how it’s financed, adjust to the performance of the economy, consider the effects of inflation ( and devaluation), whilst trying to grow and maintain service delivery, profitability and dividends…
- 62% growth in service revenue to MK28.3bn
- 87% growth in EBITDA to MK10.1bn
- 12% growth in subscriber base
- Increase in EBITDA margin to 35%
- 275% increase in profit after tax to MK2.6bn
Download full report on link below:
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Telekom Networks Malawi Limited (TNM.mw)Share price: 1,422.00 Tambala ▲ (1.00 | 0.07% – 28/03/23)
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