#JustIn: MTC’s interim dividend jumps by 25.5%

Locally-listed Mobile Telecommunications Ltd (MTC) made an operational profit of about N$533.9 million for the six months ended 31 March 2023, an increase of around 6.5% compared to the same half-year in 2022.

The group’s profit after tax came in at about N$387.04 million, a decrease of 2.19% year-on-year (y/y).

Releasing its latest interim results on the Namibian Stock Exchange (NSX) today, MTC said the decline was mainly due to the net recovery of the group's initial public offering (IPO) costs in 2022 as a one-time event, as well as a higher effective income tax rate this year.

MTC reported revenue of about N$1.48 billion for the six months under review, up nearly 2.4% y/y.

Headline earnings per share (HEPS), a profitability indicator, came in at 51.6c – a drop of 1.9% y/y.

The group declared an interim dividend of 46.45c per share, around 25.5% more than the same half-year in 2022.

MTC listed on the Local Index of the NSX in November 2021. Shares were offered at N$8.50 a piece in its IPO.

MTC closed at N$7.08 per share this afternoon. The share price has gained nearly 0.6% since the beginning of this year.