TTCL pays Sh1.5bn to govt as 2016/17 dividend

President John Magufuli

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  • Prof Makame Mbarawa, the minister for Works, Transport and Communications, handed over the cheque to President John Magufuli at an event held at the Mwalimu Nyerere International Conventional Centre.

Dar es Salaam. The state-owned telecom, TTCL Corporation on Thursday, June 21, paid the government some Sh1.5billion as dividend for the 2016/17 financial year.

Prof Makame Mbarawa, the minister for Works, Transport and Communications, handed over the cheque to President John Magufuli at an event held at the Mwalimu Nyerere International Conventional Centre.

According to the minister, said the dividend could not have been paid had it not for hard work and innovative ideas by the company’s staff.

He promised that the company would continue with the same spirit in the coming year.

For his part, the TTCL Corporations director general, Mr Waziri Kindamba, said the dividends part of Sh28.5 billion profit after tax generated during the 2016/17 financial year.

Mr Kindamba said the corporation's income last year stood at Sh217 billion whereby profit before tax was Sh29.2 billion.

"For us, this is a milestone because last time we suffered a loss of Sh19 billion. This profit has been earned after adopting major reforms with a view to improving the performance of our corporation,” he said.

After receiving the cheque, President Magufuli lavished praise on the TTCL Corporation for its endeavors and posed a challenge for other public institutions to borrow a leaf.

"This corporation is doing a wonderful job. I am impressed with what they have achieved. I am a happy man today…this shows that we have the right people who are committed to serving the interests of the country," said Dr Magufuli.