By Laudia Sawer
Tema, Oct. 31, GNA – The TDC Ghana Limited has held its fourth Annual General Meeting (AGM) in Tema, declaring a three million Ghana Cedis dividend to the government, its sole shareholder, for the year ending 2023.
Mr. Kofi Brako, the Board Chairman of TDC, declared the dividends after announcing that the company achieved remarkable progress in its financial performance throughout 2023.
The state-owned real estate development and management company saw a 33.3 percent gross revenue increase between the recorded GHs 136.6 million in 2022 and GHs 182.06 million in 2023.
Its profit before tax also increased from GHs 49.85 million in 2022 to GHs 72.98 million in 2023, representing an increase of 46.4 percent, while the company’s profit after tax rose from GHs 37.52 million to GHs 54.94 million in 2022 and 2023, respectively, showing a 46.43 percent increase.
Mr. Brako expressed the hope that the growth in its finances would continue to boost the shareholder confidence in TDC performance and prospects for the future.
The company, he said, continues to fund its numerous ongoing projects through internally generated funds (IGF), indicating that “in this regard, it is considered imperative for the company to reinvest a substantial amount of its profit to enable the completion of its ongoing housing projects.”
Mr. John Boadu, the Director-General of the State Interests and Governance Authority (SIGA), accepting the dividends, urged the TDC to get a dividend policy that would indicate
its capital, financial statement, and other needed information that would help the shareholder to know what goes into proposing a particular dividend out of its total profit.
Mr. Boadu noted that TDC’s performance over the past year warrants recognition, mentioning that achieving a remarkable 33.24 percent increase in revenue is a clear indicator of the organisation’s commitment to sound business practices.
He added that its growth in net income by 46.43 percent also speaks volumes about its ability to navigate the complexities of the market while delivering value to stakeholders.
He commended the company for implementing initiatives such as landscaping, tree planting, the use of biodigesters and energy-efficient lighting, and other environmentally sustainable practices, adding that its commitment to climate-smart investments aligns perfectly with the global shift towards Environmental, Social, and Governance (ESG) practices.
Mr. Joseph Cudjoe, Minister of Public Enterprises, commended TDC for playing the company game well, noting that stating its strong auditing functioning means investors would have confidence in them as it shows that they would use the money for its intended purpose.
He added that the company’s resource management and compliance show that it has laid the necessary foundation for wealth creation, making it ready to take up the industry.
He encouraged them to use energy-sufficient and climate-resistant building as its unique selling proposition, urging them to leverage the TDC’s strengths to develop in the property management space, which he noted was currently being run mostly by foreign entities.
Ms. Alice Abena Ofori-Atta, Managing Director of TDC, highlighting the company’s operational performance on housing delivery, noted that phase four of the community 26 affordable housing project at Kpone, which is the final phase, has commenced and is expected to be completed in 18 months.
She added that work on phase three of the construction of a gated community at Tema Community 22, which is being done in collaboration with the National Homeownership Fund, would be completed in December, providing 123 two- and three-bedroom apartments and six detached three-bedroom townhouses.
She further added that the construction of 50 units of two- and four-bedroom houses and infrastructure at Manya-Jorpanya, in Shai-Osudoku, is its maiden project out of its acquisition area.
GNA
