BLANTYRE, April 25 (Reuters) - Telkom Networks Malawi’s (TNM) net profit rose 27 percent last year, helped by improved revenue streams and cost management, it said on Thursday.
The company, which competes with India’s Bharti Airtel , said profit after tax rose to 16.66 billion Malawi kwacha ($22.96 million) from 13.10 billion Malawi kwacha in 2017.
TNM invested 19.31 billion Malawi kwacha last year, mainly in 4G mobile technology (LTE), network quality improvement, new coverage sites and the replacement of its mobile money platform.
Founded in 1995 as a joint venture between the government and Telekom Malaysia, TNM has been rolling out a 4G network to meet growing demand from some of its nearly 4 million users who increasingly use their smartphones to browse the internet.
The company has also been making inroads into digital banking using its improved mobile money tool, Mpamba, modelled on Safaricom’s M-pesa.
TNM is 41.31 percent owned by Press Corporation Ltd, a Malawian conglomerate whose businesses span banking and fishing to retail. Old Mutual has roughly a 24 percent stake in the company.
$1 = 725.7500 kwacha Reporting by Frank Phiri; Editing by Mark Potter