TCC pays TOP 1.2 Million Dividend to Government of Tonga Featured
Minister of Public Enterprises Hon. Poasi Tei (right) receiving dividend from CEO of TCC Mr. Rizvi
Nuku'alofa, 1 July 2016. Tonga Communications Corporation (TCC) has handed over a dividend cheque of TOP 1.213 million to the Government of Tonga who is the shareholder. This was the full and final dividend payment for the last financial year 2014-15.
This is the second consecutive year that they are paying a dividend in excess of TOP 1.0 million, and growing rapidly year on year over the last 05 years. The amount declared was TOP 1.5 Million and there were setoffs for pensioners salaries paid to Tonga Telecommunications Commission resulting in the net payment of TOP 1.2 M.
The profit of TOP 2.2 M achieved in the last Financial Year, this was after write-off of TOP 1.6 M worth of redundant legacy network equipment. TCC also contribute substantially towards the government revenue as one of the largest taxpayers, paying over TOP 4 M direct and indirect taxes and levies per annum.
TCC will be investing TOP 4.0 million this year towards the network expansion as they have already invested over $30 million in their network infrastructure in the last few years.
Meanwhile, the Minister of Public Enterprises thanked the TCC Board, Management, and all staff for the dividend payment, and he elaborated the government is pleased to receive the dividend and are able to contribute towards the development of the Kingdom.
-TCC
