Revenue growth during the first six months of 2018 enabled the company to improve EBITDA and increase margins and profitability levels.

Macro-economic conditions remained relatively stable during the first six months of 2018 in terms of exchange rates, interest rates and inflation.

The company was successful with its initiatives to improve revenue streams and manage costs in the first half of the year. The company improved the EBITDA margin to 38% (June 2017: 33%). Net financing costs decreased to MK1, 295 million (June 2017: MK1, 497 million) which includes foreign exchange losses of MK24 million (June 2017: MK25 million). Net profit after taxation increased by 46% to MK6, 942 million (June 2017: MK4, 750

TNM capital expenditure totalled MK10,579 million in the first half of 2018 (June 2017: MK12,332 million) which mainly consists of 4G mobile technology, quality improvement sites, new coverage sites across the country and new mobile money platform.


The company does not expect the current business environment to change significantly in the second half of 2018. The company will continue to implement cost management initiatives and strategies aimed at expansion and diversification of its revenue base.


The Directors have declared a first interim dividend for the financial year ending 31st December 2018 of MK 2,510 million, equivalent to 25 tambala per share, payable on 28th September 2018 to those shareholders appearing in the register of the Company as at the close of business on 14th September 2018. The register of members will be closed from 17th September 2018 to 19th September 2018 both dates inclusive.


John O’Neil
Chairman of Board Audit Committee

George Partridge