Tema-Ghana, Oct 16, GNA – Mr. Kofi Brako, the Board Chairman of TDC Development Company Limited, has disclosed that the company recorded a 17.16 percent increase in its revenue in 2022.
Mr. Brako, revealing this at the company’s third annual general meeting (AGM), stated that a total revenue of GHs 136.6 million was recorded in 2022 as against the GHs 116.59 million documented in 2021.
He said TDC also recorded a 19.60 percent increase in its profit before tax, as a total of GHs 49.85 million of it was seen in 2022 compared to GHS 41.68 million in 2021.
He said even though the company’s financial performance was remarkable, it was funding a few on-going projects through its internally generated fund and therefore needed to plough back most of the profit to enable it to complete the projects and maintain a strong capital adequacy for the company.
In that light, the Board therefore declared a GHs2.4 million dividend payment for its shareholders.
Ms. Alice Abena Ofori-Atta, the Managing Director of TDC, highlighted in a report some projects the company was engaging in, stating that in the year under review, they continued with the construction of phase two of the construction of a gated community at Tema Community 22 in collaboration with the National Home Ownership Fund under the Ministry of Finance.
Ms. Ofori-Atta said other projects were the community 26 affordable housing project at Kpone, the Community one site 3 infilling project, and the urban re-development agenda—Kaiser flats demolition.
She said the company would continuously adapt and monitor its corporate strategies under the thematic areas of organisational transformation, strategic partnering, and operational excellence.
She stated that they believed it was key to continuously remain relevant by anticipating and understanding the ever-evolving real estate business and meeting their stakeholders’ expectations.
Mr. Abdulai Abanga, the Deputy Minister for Works and Housing, expressed the government’s appreciation for the role the TDC had played in the past and was still playing in providing quality community developments towards the socio-economic growth of the country.
Mr. Abanga said this has provided TDC with significant potential to expand its operations beyond its current boundaries, allowing it to have a nationwide impact.
He encouraged the company to re-evaluate its business practices and embrace contemporary methods for engaging a broader audience within Ghana.
Mr. Joseph Cudjoe, the Minister for Public Enterprises, said TDC’s achievements were a testament to the effect of the government’s restructuring of state-owned enterprises to ensure that the issues of indebtedness and inefficiencies, among others that characterise such companies and institutions, were done away with.
Mr. Cudjoe expressed happiness that, despite the competitiveness in the housing industry of Ghana, TDC, even though engaging in affordable housing in line with the government’s agenda, was still making a profit.
He said with this this, TDC created jobs for people within the value chain, while adding to government’s revenue through the payment of taxes adding that being compliant with its financial report, corporate governance and the demands of the sector ministry all helped to achieve such successes.
