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 4^th 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.

TDC Board Chairman, 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.

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 revitalisation.

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.

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 authorisation for the directors to set auditor remuneration for the following year.

Director-General of the State Interests and Governance Authority (SIGA), John Boadu 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.

Minister of Public Enterprises, Joseph Cudjoe urged TDC to leverage its human resources, technical competencies and market among other expertise to attract some private equity investors to do more in the space it finds itself.

He charged the company to tap into the area of property management which is largely dominated by foreign entities

In addition, he maintains that energy-sufficient and climate-resilient buildings must be part of TDC’s unique selling proposition as these will help attract the needed capital. 

According to Joseph Cudjoe,  being compliant is good for its corporate image.

“ Any external person writing a cheque to TDC can sleep knowing that TDC will utilize the funds appropriately into business and make money for the investor”, he said.

He also touched on resource management and the various awards the company has won.  

On stakes, Kwame Adu Darko from the Finance Ministry revealed a proposal has been sent to cabinet as part of listing TDC Ghana Ltd and one other state-owned enterprise on the stock exchange.

Chief Director at the Ministry of Works and Housing, Rev. Stephen Yaw Osei commended the company for its role in helping reduce the housing deficit in the country and its impact on society.

He was particular about TDC adopting sustainable housing practices and use of local materials.

“I encourage TDC to increase the use of locally sourced materials. This shift is not only to reduce reliance on imported resources which are often costly but also accessing avenues for greener financing, a move that aligns with our national sustainability goal”

“These initiatives will make housing more affordable to Ghanaians while ensuring environmental sustainability remains at the forefront of our policy”, he urged.

He assured of the ministry’s support to TDC in fulfilling vital roles in addressing the country’s housing needs.

Other stakeholders were present to support the company as it looks into the future exporting its expertise beyond the shores of Ghana.