TDC Ghana Limited, a prominent player in the real estate sector, has reported a notable profit before tax of GH¢54.94 million for 2023—a substantial increase from the GH¢37.52 million posted in 2022.
At the company’s 4th Annual General Meeting (AGM) held in Tema, TDC’s Managing Director, Alice Abena Ofori-Atta, attributed this financial achievement to robust operational strategies and an expanded asset portfolio.
According to Madam Ofori-Atta, TDC’s revenue also saw significant growth, rising from GH¢136.6 million in 2022 to a remarkable GH¢182.06 million in 2023. She highlighted that this increase in both revenue and profit has fortified the company’s financial stability, equipping it to navigate potential economic uncertainties in the future.
TDC Ghana Limited has seen its asset base increase by 15.7%, reaching GH¢616.48 million in 2023, up from GH¢533.03 million the previous year.
At the company’s 4th Annual General Meeting in Tema, Board Chairman Kofi Brako praised TDC’s robust financial performance amid global economic challenges. In his report, Brako noted the growth in shareholder equity, which rose by 19.9% from GH¢378.2 million in 2022 to GH¢453.47 million in 2023, underscoring TDC’s resilience and leadership in Ghana’s real estate industry.
Mr. Brako also encouraged the government to consider TDC as a partner for affordable housing projects, highlighting the company’s expertise and commitment to quality housing solutions as a means to address Ghana’s housing shortage.
In alignment with its vision for urban redevelopment, TDC plans to revitalize the Kaizer enclave in Tema’s Community Four. The project includes demolishing existing structures to make way for high-rise offices, retail centers, and modern residential apartments, reinforcing TDC’s dedication to sustainable urban development.
The Site Three in-filling project in Community One has progressed to its third phase, aiming to deliver 40 two-bedroom apartment units available for both rent and purchase. This expansion will add to TDC Ghana Limited’s portfolio of affordable housing options.
During the Annual General Meeting, shareholders reviewed and approved the directors’ and auditors’ reports along with the financial statements for the fiscal year ending December 31, 2023. Resolutions passed included a dividend declaration and approval for the directors to set the auditor’s remuneration for the upcoming year.
John Boadu, Director-General of the State Interests and Governance Authority (SIGA), praised TDC’s financial performance, encouraging the company to consider listing on the Ghana Stock Exchange to expand its reach and influence in the market.
Minister of Public Enterprises, Joseph Cudjoe, encouraged TDC to harness its workforce, technical expertise, and market presence to attract private equity investment and expand its operations. He urged TDC to capitalize on the property management sector, currently dominated by foreign firms, positioning itself as a stronger local player.
Cudjoe highlighted the importance of incorporating energy-efficient and climate-resilient features in TDC’s projects, suggesting that these green initiatives could become key selling points to attract capital.
He also emphasized the positive impact of compliance on TDC’s reputation, stating, “Investors can have peace of mind knowing their investment in TDC will be responsibly utilized to grow the business and generate returns.”
Additionally, Cudjoe applauded TDC’s resource management strategies and recognized the company’s achievements through various industry awards.
Kwame Adu Darko of the Finance Ministry shared that a proposal is currently under cabinet review to list TDC Ghana Ltd, along with another state-owned enterprise, on the Ghana Stock Exchange. This move would increase TDC’s access to capital and enhance its market profile.
The Chief Director of the Ministry of Works and Housing, Rev. Stephen Yaw Osei, praised TDC for its significant contributions to reducing Ghana’s housing deficit and its positive societal impact. He emphasized the importance of sustainable building practices and the use of local materials in TDC’s future projects.
Rev. Osei encouraged TDC to adopt more locally sourced materials, highlighting that this approach would help decrease dependency on expensive imported resources while creating opportunities for greener financing—a step aligned with Ghana’s sustainability goals.
“By using locally sourced materials, we not only make housing more accessible for Ghanaians but also keep environmental sustainability central to our policies,” he stated.
He assured TDC of the ministry’s continued support as the company addresses crucial housing challenges across the nation.
The event saw attendance from various stakeholders, expressing confidence in TDC’s potential to expand its expertise beyond Ghana’s borders in the future.
SOURCE: http://dew360.net
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