Africa: Despite Economic Challenges, Tizeti Celebrates 5-Year Profitability Streak and Announces Dividend Payout

Despite Economic Challenges, Tizeti Celebrates 5-Year Profitability Streak and Announces Dividend Payout
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Despite facing significant economic challenges across West Africa, Tizeti Network Limited, the leading solar-powered fixed internet service provider in the region, has maintained its profitability for five consecutive years. The company is set to distribute its third annual dividend to shareholders for the fiscal year ending December 31st, 2023, at a rate of 0.03 kobo per share.

Tizeti’s continued success is driven by its innovative business model. This model includes cost-efficient tower infrastructure, next-generation fiber-to-the-home technology, vertically integrated operations from submarine cables to fiber-connected solar-powered towers, experienced leadership, direct and partner investments across West Africa, and strategic partnerships with industry leaders like Microsoft, MainOne, and Cambium Networks.

Leveraging these strengths, Tizeti has profitably expanded its coverage footprint, including recent moves into Francophone West Africa and deeper penetration into key regions of Ghana and Nigeria. The company’s commitment to unlimited data plans, supported by favorable contracts and partnerships, has fueled its growth in enterprise and international markets. In the past year alone, Tizeti has extended its reach to new territories in Nigeria and increased coverage in existing regions, addressing critical digital disparities and promoting economic inclusion across the continent.

With nearly 200 operational towers across West Africa, Tizeti delivers over 180TB of internet data daily, showcasing its impact on bridging the digital divide and stimulating socio-economic development. By December 2023, Tizeti had delivered 35,219 TB of data, demonstrating its resilience and the high demand for its services amid industry challenges.

Kendall Ananyi, founder and CEO of Tizeti, expressed his enthusiasm:

“We’re 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. We continued our expansions throughout Nigeria and across three key regions in Ghana and Côte d’Ivoire, and our commitment to narrowing the digital gap through accessible broadband services is driving lasting change across West Africa, laying the groundwork for a thriving digital economy while also providing tangible financial returns to our shareholders. Our track record of profitability five out of the last six years underscores the strength of our business fundamentals. We extend our sincere appreciation to our shareholders for their unwavering support and look forward to delivering even stronger financial results in the years ahead.”

Ifeanyi Okonkwo, Tizeti’s co-founder and Chief Operating Officer, echoed Ananyi’s sentiments:

“With consistent profitability over the last few years, we are well-positioned to drive our expansion and growth across underserved locations in Anglophone and Francophone West Africa. 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.”

Tizeti’s pioneering use of solar-powered base stations has not only reduced carbon emissions and operational costs but also made broadband internet more accessible and affordable, fostering connectivity and digital inclusion.

As Tizeti explores opportunities in other African markets, it remains dedicated to advancing national broadband goals and driving innovation in the telecommunications sector. Recognized for its innovative practices, Tizeti continues to solidify its position as a regional leader, earning accolades such as the 6th Most Innovative Company in Africa and Nigeria’s Internet Service Provider of the Year.

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