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Business News

Sat Nov 18, 2017

TTCL targets greater profits


With that profit, the state-ofthe-art telecom company will provide dividend to the government amounting to 1bn/- in the same financial year, according to TTCL Chief Executive Officer, Mr Waziri Kindamba.

 

Mr Kindamba who was speaking at a news conference in Dar es Salaam yesterday, said the company’s revenue increase comes against the backdrop of the newly approved Tanzania Telecommunication Corporation Act, 2017 that is currently pending approval by President John Magufuli.

 

On Wednesday, Members of Parliament (MPs), debated and approved the new legislation that seeks to transform TTCL into a fully established state-of-the-art business corporation.

 

If accepted by Dr Magufuli, the legislation will change TTCL from a company to a corporation, with an aim of making the previously poorly performing company to compete with other telecom companies in the market.

 

According to Mr Kindamba, before it was privatised, TTCL was making super profit and that it was providing 1bn/- as dividend to the government. But during the past three years, TTCL was incur ring losses in revenue amounting to between 15bn/ and 16bn/-.

 

However, he said because the company which will soon become a corporation is now fully owned by the government, it has a greater chance to make super profit and compete with other telecom companies.

 

For the past 15 years, TTCL was owned by the government with 65 per cent and Bharti Airtel from India had 35 per cent. But the joint venture came to an end in June 2016 after the government took the shares by 100 per cent after paying 14.7bn/- to Bharti Airtel.

 

Mr Kindamba yesterday said that the changes in the legislation that will transform the company into a corporation does not affect any operations of TTCL and that even people who have outstanding debts should continue clearing them as per the previous agreements.

 

“TTCL is strong and more efficient than it was before and now it expects to have more authority and increase the quality of services to the customers,’’ said Mr Kindamba.

 

The Tanzania Telecommunication Corporation Act, 2017 repeals the Tanzania Telecommunications Company Incorporation Act, 2002 to make provisions for the establishment of the Tanzania Telecommunications Corporation, management of the strategic telecommunications infrastructure as well commercial and economic viability of telecommunications services, among others.

SOURCE: DAILY NEWS


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Posted by Arwa

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