Malawi mobile network provider TNM has forecast its 2014 profit to jump 90 percent above last year and is celebrating scooping two top Marketing Excellence awards.
The strong financial performance corresponds with excellence in marketing as TNM has collected two awards at this year’s Chartered Institute of Marketers (CIM) annual awards, the second consecutive year for the operator to be decorated by CIM.
In a trading update released in line with Malawi Stock Exchange requirements, TNM notes however that the final profit could be hit by current depreciation of the Malawi kwacha.
The local unit has depreciated from K350 in September to around K550 against the benchmark US dollar, triggering commodity price increases. Analysts expect the depreciation, which is partly due to seasonal factors, to affect private sector performance in the March 2015 financial reporting season.
“TNM further wishes to advise that any significant movement of the Malawi kwacha exchange rate against other major currencies during the month of December 2014 could have an impact on the final results,” reads the update.
TNM is basking in the glory of scooping two top awards at this year’s Chartered Institute of Marketers (CIM)-Malawi Chapter Marketing Excellence Awards. TNM won ‘the Life Changing Brand’ and the ‘Marketing Campaign of the year’ award categories to cap yet another successful year of its market share penetration and leadership efforts.