Tech & Business

Vodacom Tanzania records a $21.15 million profit

Tanzania’s leading cellular network company Vodacom Tanzania delightfully ended March 21, 2017 year with a significant profit record of $21.15 million, exceeding its forecast of $21.03 million.

Dar es Salaam Stock Exchange (DSE) listed the firm and the shareholders of the 2010 largest wireless telecommunications network in the country approved $11.56 million in dividends. This they did for the first time in their yearly general meeting since the company’s listing in the DSE.

The annual meeting that was attended by approximately 1,500 shareholders saw the introduction of new members to the board of directors, confirmed by a firm statement released on 30th October 2017.

The company’s board chairman Ali Mufuruki pointed out that the business has gone on to be strong and competitive and they are willing to share their earnings with their committed shareholders for their benefit. He added that Vodacom’s board had agreed on giving dividend of Tshs 12.74 per ordinary share, ready to take effect from this month.

The public company set its name on the DSE listing firms on August 15, 2017 following an initial public offering (IPO) that saw the telecom bringing in new shareholders around 40,000 that contributed to $211 million.

The shares of the company are in safe hands and there is no need to worry about their security that is assured, according to the Vodacom Tanzania Managing Director Ian Ferrao. He reiterated the competitiveness of the company in the market and assured the shareholders should keep calm.

A clap of appreciation to the new members on board concluded the meeting with Mr. Ferrao vowing to walk and work with them to the latter for the goodwill of the company. He noted their relationship will ensure the shares of the company benefit the shareholders and encourage them to invest the more.

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