TNM Plc declares no dividends for shareholders despite profit

TNM Plc, a prominent player on the Malawi Stock Exchange, has announced that its shareholders will not receive any dividends for the fiscal year ending June 30, 2024. This decision comes despite the company reporting a profit after tax of K2.26 billion.

The financial statement, signed by Chairman Ted Sauti Phiri and Chairman of the Audit Committee Lekani Katandula, explains that the company’s focus remains on recovery and reinvestment rather than distributing profits to shareholders. The statement underscores that the decision aligns with the company’s strategy to strengthen its financial position and support future growth.

This marks the second consecutive year that TNM Plc has opted to withhold dividends, following a similar decision in 2023. The company’s leadership has emphasized the importance of prioritizing recovery efforts to stabilize and enhance the company’s operational and financial health.

While the absence of dividends may be disappointing for investors, the company’s strategy reflects a commitment to long-term sustainability and growth. Shareholders are advised to monitor future financial reports for updates on the company’s performance and dividend policy.