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  • Thursday, June 20, 2024
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BusinessDay

ISP records five-year profitability run amidst sector slump

Tizeti Network Limited has recorded a five-year profitability run despite a general downturn in the telecommunication sector that affected several of the country’s major telcos.

The Internet Service Provider (ISP) disclosed this on Monday while announcing that it is set to distribute its third consecutive annual dividend to shareholders for the fiscal year ending December 31st, 2023, at a rate of 0.03 kobo per share.

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The ISP said its business model, characterised by capital-efficient tower costs, fiber to the home, and more, helped it sustain its business amidst a challenging economic environment. It further noted that using solar-powered base stations has helped it reduce its operational costs.

It also stated that its commitment to unlimited data plans facilitated its growth in enterprise and international markets.

“We are thrilled to announce our third dividend for shareholders, especially significant because we are paying this during the toughest period for internet service providers and telecommunications companies in Africa,” said Kendall Ananyi, the founder and chief executive officer of Tizeti. “Our track record of profitability five out of the last six years underscores the strength of our business fundamentals.”

The ISP further highlighted that it expanded its reach to new territories in the country while broadening coverage in existing regions. According to it, it has nearly 200 towers operational across West Africa and delivers over 180 terabytes of data daily.

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It revealed that it delivered 35,219 TB as of December 2023. Tizeti’s co-founder and chief operating officer, Ifeanyi Okonkwo, added, “As we continue to invest in our network for future growth, we remain committed to supporting our employees for the challenges ahead. We are proud to say that we have consistently distributed bonuses for the past five years.”

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