BTCL pays record dividend to government
Otlarongwa Kgweetsi | Monday September 23, 2024 11:21
The handover represents part of the total P263 million payout to all shareholders, the highest since BTCL’s 2016 listing on the Botswana Stock Exchange. The BTCL recently unveiled results for the year ended March 31 2024 showing a 35% increase in pretax profits to P200 million.
Speaking at the dividend handover, BTCL board chairperson, Mokgethi Magapa, highlighted the company’s strong year, despite challenging economic conditions.
'This year has been marked by several notable achievements, particularly in advancing our strategic initiatives,' said Magapa.
He noted that the group recorded a four percent growth in revenue, with profit before tax increasing to P200 million from P149 million the previous year. These financial gains, according to Magapa, were instrumental in the company’s ability to declare both normal and special dividends.
Since its listing, BTC has paid out over P1.035 billion in dividends, a figure that underscores its growing importance in Botswana’s corporate landscape, Magapa said. He stressed that the group’s progress was rooted in its commitment to service excellence and innovation.
“Our focus remains on becoming a key partner to the government in delivering the national transformation agenda,” he stated.
Beyond financial achievements, BTCL has positioned itself as a vital player in supporting local businesses and community development. Over P600 million was spent on procuring goods and services from citizen-owned companies in the last fiscal year, as part of efforts to stimulate the local economy, Magapa said.
The company’s social investment, which exceeded P6 million, focused on addressing social challenges in the communities it operates in. Magapa reaffirmed the corporation’s commitment to leveraging its social, economic, and environmental capital to benefit all stakeholders.
Looking ahead, BTCL aims to expand its digital infrastructure and enhance the skills of its workforce to align with Botswana’s digitisation drive.
“We are continuously investing in building a digitally skilled workforce that will propel us into the future,” said Magapa.
He noted that as competition in the telecommunications sector grows, BTC’s strategic focus will remain on network expansion and innovation.
The government of Botswana, through the Ministry of Communications, Knowledge, and Technology (MCKT), remains BTC’s largest shareholder. Minister of Communications, Knowledge, and Technology, Thulagano Segokgo, expressed his satisfaction with the company’s performance, commending its continued contribution to the national economy.
“The government is extremely proud of this performance. BTC’s success demonstrates how local companies can drive economic growth and deliver value to shareholders,” Segokgo said during the event.