Tema-Ghana, Nov. 12, MNN – The TDC Development Company is to pay a total of GHC2.4 million as dividends for the year 2021 to the government, which is its shareholder, Mr. Kofi Brako, Board Chairman of the Company has announced.
Mr Brako disclosed this during the second Annual General Meeting (AGM) of the TDC held in Tema on Thursday in his report and explained that TDC has paid an interim dividend to the tune of GHs1.2 million to the government.
“Matching the company’s desire to complete its projects on time with the shareholder’s expectations, the Board has resolved to pay an additional GHs1.2 million in dividends to bring the total dividend payment for the year to GHs2.4 million.
Touching on its financial performance for the year under review, the TDC Board Chairman said the Company generated an income of GHs116.59 million in 2021 which represented a growth of 20 percent over the GHs97.1 million generated in 2020.
He added that in spite of the COVID-19 pandemic which disrupted its operations, the Company was able to grow its profit before tax by 10.9 percent from GHs37.58 million in 2020 to GHs41.68 million in 2021.
The Board Chairman said TDC has an asset growth of 22.3 percent from GHs 380.72 million in 2020 to GHs465.50 million in 2021 adding that shareholder’s fund also increased by 19.84 percent from GHs270.96 million in 2020 to GHs325.11 million in 2021.
Mr. Brako said TDC currently has a number of ongoing projects being funded from its internally generated funds adding that in that regard it was important to plow back most of its profit to fund and complete them.
He said the projects are expected to build strong capital adequacy for the company and increase the shareholder’s worth.
Ms. Alice Abena Ofori-Atta, TDC Managing Director in a report said long-term construction finance in Ghana remained one of the major constraints to real estate development for property developers and prospective homeowners.
Ms. Ofori-Atta added, however, that funding from private entities, Real Estate Investment Trusts (REITs), banks, and other financial institutions among others continued to lessen the funding gap though in a modest way.
She expressed optimism that as the real estate sector was expected to bounce back after the COVID-19 pandemic, TDC would continue to explore and take advantage of any opportunity that would emerge.
She said to enhance their performance and effectiveness amidst the new dynamics of competition within the sector, TDC was using some strategic initiatives and policy interventions such as the electronic rent collection system, the GCB Bank collection project, enterprise risk management, balanced scorecard, and staff training and development.
Mr. Joseph Cudjoe, Minister of Public Enterprises, commended the TDC for its outstanding performance during the year under review and for winning the overall best-performing state-owned enterprise, as well as the overall best-performing specified entity for the year 2020 in the public enterprises league table.
Mr. Cudjoe said TDC was working in line with the government’s vision of seeing State Owned Enterprises (SEO) operating profitably and professionally to support the economy while obeying all laws regarding their operations.
Mr. Abdulai Abanga, the Deputy Minister of Works and Housing, on his part charged TDC to consider expanding its operations outside the Tema acquisition areas to other parts of the country which need affordable houses.
Mr. Abanga said to bridge the housing deficits there was a need for more affordable houses to be constructed.
Some of the resolutions taken at the AGM, were the receiving and adopting of the report of the Directors, Auditors, and Financial Statements for the year ending December 31, 2021.
Declaration of dividends for the year under review, as well as authorizing the Directors to determine the remuneration of the Auditors, and to transfer GHs100 million from Retained Earnings Account to Stated Capital.
