TNM | 2014 Annual financial report
The Directors of Telekom Networks Malawi Limited have released the Company’s annual report for the year ended 31 December 2014.
Below are extracts from the Chairman’s letter and financial highlights.
Chairman’s letter to Stakeholders
It is immensely satisfying for me to review the operations of TNM plc this year on many fronts. Strong levels of subscriber and revenue growth and cost containment strategies resulted in a significant increase in profitability in 2014. Investment in infrastructure, expansion projects and the upgrade of our technologies continue into 2015. Achieving these results in challenging circumstances is not the result of a single year’s efforts, they are evidence of the strategies set out by your Board of Directors and implemented by management over the past few years.
TNM’s performance in 2014 has been most satisfactory and we expect continued growth for the Company although, as mentioned by Mr Swart at the end of his Managing Director’s report to shareholders this year, the rate of growth may moderate somewhat in 2015 due to the emergence of a more challenging operating, economic and competitive environment…
Key financial performance indicators:
| 2014 | 2013 | |||
| Service revenue | MK’bn | +42% | 40.02 | 28.26 |
| ARPU | MK | +22% | 1,401 | 1,152 |
| EBITDA | MK’bn | +44% | 14.57 | 10.10 |
| EBITDA margin | % | – | 36 | 35 |
| Profit after tax | MK’bn | +102% | 5.24 | 2.60 |
| Shareholders’ funds | MK’bn | +34% | 13.25 | 9.91 |
Download full report on link below: