BLANTYRE (April 25): Telkom Networks Malawi's (TNM) net profit rose 27% 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 (US$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. 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% owned by Press Corporation Ltd, a Malawian conglomerate whose businesses span banking and fishing to retail.

Source: The Edge Markets April 25, 2019 15:00 UTC