TDC Ghana Limited, a leading real estate company, has recorded a substantial profit before tax of GH₵54.94 million for the year 2023, representing a significant leap from the GH₵37.52 million recorded in 2022.
The announcement was made by TDC’s Managing Director, Alice Abena Ofori-Atta, during the company’s Annual General Meeting (AGM) in Tema, where she attributed this financial success to TDC’s resilient operational strategies and expanded asset base.
Madam Ofori-Atta reported that TDC’s revenue also surged, climbing from GH₵136.6 million in 2022 to an impressive GH₵182.06 million in 2023.
The growth in revenue and profit, she said, has strengthened the company’s financial stability, positioning it to withstand potential future economic challenges.
Additionally, TDC’s assets grew by 15.7% to reach GH₵616.48 million, up from GH₵533.03 million in 2022.
Resilient performance despite economic headwinds
TDC Board Chairman, Mr. Kofi Brako, lauded the company’s financial resilience amid global economic uncertainties.
In his report, he highlighted the company’s robust shareholder equity, which grew by 19.9% from GH₵378.2 million in 2022 to GH₵453.47 million in 2023.
This growth underscores TDC’s firm standing as a leader in Ghana’s real estate sector and reflects its ability to adapt to volatile market conditions.
Mr. Brako also made a call for government partnership, urging authorities to consider TDC for its affordable housing initiatives, given the company’s longstanding expertise in delivering quality housing solutions.
“With TDC’s track record, we are well-equipped to help address Ghana’s housing deficit,” he stated.
Developments in Kaizer enclave and Site 3
One of TDC’s notable upcoming projects involves transforming the Kaizer enclave in Tema’s Community Four.
Plans include demolishing old structures to make way for high-rise offices, retail spaces, and modern residential apartments, aligning with TDC’s vision for urban revitalization.
In Community One, the ongoing Site Three in-filling project has entered its third phase, which will provide 40 units of two-bedroom apartments available for rental and ownership, creating further access to affordable housing options.
AGM resolutions and future prospects
The AGM saw shareholders receive and adopt the report of directors, auditors, and financial statements for the year ending December 31, 2023.
Resolutions included the declaration of a dividend and authorization for the directors to set auditor remuneration for the following year.
John Boadu, Managing Director of the State Interests and Governance Authority (SIGA), commended TDC’s financial achievements and encouraged the company to pursue a listing on the Ghana Stock Exchange.
This move, he suggested, could further expand TDC’s growth opportunities and open the door to more investors.
