Declared Dividend • Jun 28
Final dividend of P0.011 announced Shareholders will receive a dividend of P0.011. Ex-date: 22nd July 2026 Payment date: 5th August 2026 Dividend yield will be 4.3%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 23% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.8% EPS decline seen over the last 5 years. Reported Earnings • Jun 26
Full year 2026 earnings released: EPS: P0.11 (vs P0.19 in FY 2025) Full year 2026 results: EPS: P0.11 (down from P0.19 in FY 2025). Revenue: P1.47b (down 1.6% from FY 2025). Net income: P113.3m (down 44% from FY 2025). Profit margin: 7.7% (down from 14% in FY 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Paying a dividend despite having no free cash flows. Board Change • May 21
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Interim Independent Non-Executive Chairperson Thato Kewakae is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 27
Botswana Telecommunications Corporation Limited to Report First Half, 2026 Results on Dec 31, 2025 Botswana Telecommunications Corporation Limited announced that they will report first half, 2026 results on Dec 31, 2025 Announcement • Sep 03
Botswana Telecommunications Corporation Limited, Annual General Meeting, Sep 23, 2025 Botswana Telecommunications Corporation Limited, Annual General Meeting, Sep 23, 2025. Location: hotel 430, cbd in gaborone, botswana, Botswana Announcement • Jun 14
Botswana Telecommunications Corporation Limited to Report Fiscal Year 2025 Results on Jun 30, 2025 Botswana Telecommunications Corporation Limited announced that they will report fiscal year 2025 results on Jun 30, 2025 Board Change • Oct 24
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman of the Board Mokgethi Magapa was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 15
Botswana Telecommunications Corporation Limited Announces CFO Changes Botswana Telecommunications Corporation Limited announced that it has appointed Mr. Abel Bogatsu as the Chief Financial Officer "CFO" in an acting capacity with immediate effect. This follows Ms. Boitumelo Paya, the substantive Chief Financial Officer being appointed the Chief Executive Officer (CEO) of BTC in an acting capacity on the 2nd August 2024. Abel is currently the General Manager Finance overseeing the operations and management of all financial systems and processes within the business. This includes treasury, budgeting, credit and financial control, working to ensure compliance with regulatory and financial reporting standards. He also provides professional finance input into the creation and maintenance of the BTC Business Strategy to deliver sustainable shareholder value. Abel has more than 28 years' experience in both the private and public sectors. He holds a Bachelor of Commerce degree in Accounting from the University of Botswana and is a Fellow of the Association of Chartered Certified Accountants (ACCA) and the Botswana Institute of Accountants (BICA). He is an Alumnus of the University of Stellenbosch Business School Executive Development Programme. Announcement • Sep 02
Botswana Telecommunications Corporation Limited, Annual General Meeting, Sep 24, 2024 Botswana Telecommunications Corporation Limited, Annual General Meeting, Sep 24, 2024. Location: travel lodge in gaborone., botswana Botswana Announcement • Aug 04
Botswana Telecommunications Corporation Limited Announces Executive Changes The BTC Board of Directors announced that Botswana Telecommunications Corporation Limited (BTC) and the Managing Director, Mr. Anthony Masunga, have reached a mutual separation agreement. Mr. Masunga will be leaving his position as Managing Director effective August 2, 2024, having been with BTCL for 16 years. Since assuming this role on January 1, 2017, Mr. Masunga has been instrumental at BTC, overseeing a period of transformation for the company post-listing on the Botswana Stock Exchange. Under his leadership, BTC has seen accelerated investment in technology resulting in expanded service offerings in the market, thus strengthening BTC's position in the telecommunications industry within Botswana. Throughout his tenure, Mr. Masunga has shown a passion and commitment to excellence and fostering a culture of innovation and collaboration within the organisation. During this transition period, Ms. Boitumelo Paya, Chief Financial Officer, will assume the responsibilities of the Managing Director in an acting capacity with immediate effect. The Board of Directors will in due course appoint a substantive Managing Director. Upcoming Dividend • Jul 23
Upcoming dividend of P0.23 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 14 August 2024. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 7.5%. Lower than top quartile of Batswana dividend payers (8.2%). Higher than average of industry peers (6.2%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to P1.02, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 7x in the Telecom industry in Africa. Total returns to shareholders of 95% over the past three years. Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: P0.15 (vs P0.10 in FY 2023) Full year 2024 results: EPS: P0.15 (up from P0.10 in FY 2023). Revenue: P1.44b (up 2.6% from FY 2023). Net income: P157.5m (up 45% from FY 2023). Profit margin: 11% (up from 7.7% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Board Change • May 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman of the Board Mokgethi Magapa was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Apr 10
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 97% Dividend yield: 5.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.2% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (97% cash payout ratio). Market cap is less than US$100m (P861.0m market cap, or US$63.5m). New Risk • Feb 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Batswana stocks, typically moving 0.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (0.9% average weekly change). Market cap is less than US$100m (P861.0m market cap, or US$62.5m). Upcoming Dividend • Jan 17
Upcoming dividend of P0.021 per share at 5.0% yield Eligible shareholders must have bought the stock before 24 January 2024. Payment date: 07 February 2024. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Lower than top quartile of Batswana dividend payers (9.3%). Higher than average of industry peers (4.4%). Reported Earnings • Dec 20
First half 2024 earnings released: EPS: P0.068 (vs P0.021 in 1H 2023) First half 2024 results: EPS: P0.068 (up from P0.021 in 1H 2023). Revenue: P717.3m (up 3.8% from 1H 2023). Net income: P71.4m (up 222% from 1H 2023). Profit margin: 10.0% (up from 3.2% in 1H 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Announcement • Sep 02
Botswana Telecommunications Corporation Limited, Annual General Meeting, Sep 26, 2023 Botswana Telecommunications Corporation Limited, Annual General Meeting, Sep 26, 2023, at 07:00 Coordinated Universal Time. Location: Boipuso Hall, Fairgrounds Holdings in Gaborone, Botswana Gaborone Botswana Agenda: To receive, consider and adopt the Audited Financial Statements for the year ended 31st March 2023, together with the Report contained in the Integrated Annual Report; To approve a full and final dividend of 6.71 thebe per share that was declared by the Directors and paid by the Company; To re-elect by way of separate vote the following Directors of the company. Upcoming Dividend • Jul 26
Upcoming dividend of P0.067 per share at 8.5% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 16 August 2023. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 8.5%. Lower than top quartile of Batswana dividend payers (9.1%). Higher than average of industry peers (4.8%). New Risk • Jul 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 8.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (1.8% average weekly change). Market cap is less than US$100m (P808.5m market cap, or US$59.6m). Reported Earnings • Jul 01
Full year 2023 earnings released: EPS: P0.10 (vs P0.13 in FY 2022) Full year 2023 results: EPS: P0.10 (down from P0.13 in FY 2022). Revenue: P1.40b (flat on FY 2022). Net income: P108.3m (down 23% from FY 2022). Profit margin: 7.7% (down from 10% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 5% per year. New Risk • Jun 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (3.8% average weekly change). Earnings have declined by 16% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.6% net profit margin). Market cap is less than US$100m (P808.5m market cap, or US$60.4m). Reported Earnings • Dec 21
First half 2023 earnings released: EPS: P0.021 (vs P0.082 in 1H 2022) First half 2023 results: EPS: P0.021 (down from P0.082 in 1H 2022). Revenue: P691.2m (down 1.0% from 1H 2022). Net income: P22.2m (down 74% from 1H 2022). Profit margin: 3.2% (down from 12% in 1H 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Independent Non-Executive Director Thato Kewakae was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Independent Non-Executive Director Thato Kewakae was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 05
Full year 2022 earnings released: EPS: P0.13 (vs P0.13 in FY 2021) Full year 2022 results: EPS: P0.13 (up from P0.13 in FY 2021). Revenue: P1.39b (down 2.4% from FY 2021). Net income: P140.8m (up 2.1% from FY 2021). Profit margin: 10% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 5% per year. Announcement • Sep 02
Botswana Telecommunications Corporation Limited, Annual General Meeting, Sep 27, 2022 Botswana Telecommunications Corporation Limited, Annual General Meeting, Sep 27, 2022, at 07:00 Coordinated Universal Time. Agenda: To consider and adopt the Audited Financial Statements for the year ended 31st March 2022, together with the Report of the Auditors and Report of the Audit Commi ee as contained in the annual report; to consider approve a full and final dividend of 8.71 thebe per share that was declared by the Directors and paid by the Company; to consider Re- election of directors of the Company; and to consider other matters. Upcoming Dividend • Aug 03
Upcoming dividend of P0.05 per share Eligible shareholders must have bought the stock before 10 August 2022. Payment date: 24 August 2022. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Batswana dividend payers (8.4%). Higher than average of industry peers (5.9%). Reported Earnings • Jul 08
Full year 2022 earnings released: EPS: P0.13 (vs P0.13 in FY 2021) Full year 2022 results: EPS: P0.13 (up from P0.13 in FY 2021). Revenue: P1.39b (down 2.4% from FY 2021). Net income: P140.8m (up 4.0% from FY 2021). Profit margin: 10% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Announcement • Jul 03
Botswana Telecommunications Corporation Limited Declares Final Dividend for the Year Ended 31 March 2022, Payable on or Before 24 August 2022 The Botswana Telecommunications Corporation Limited Board has declared a final dividend of BWP 5.04 per share for the year ended 31 March 2022. In terms of the Botswana Income Tax Act (Cap 52:01) as amended, withholding tax at the rate of 10% or any other currently enacted tax rate will be deducted from the interim gross dividend. Ex-dividend date is 10 August 2022. Last date to register is 12 August 2022. Dividend payment date is on or before 24 August 2022. Upcoming Dividend • Jan 19
Upcoming dividend of P0.037 per share Eligible shareholders must have bought the stock before 26 January 2022. Payment date: 09 February 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of Batswana dividend payers (8.2%). Higher than average of industry peers (4.0%). Reported Earnings • Dec 27
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: P0.082 (up from P0.073 in 1H 2021). Revenue: P700.1m (down 1.7% from 1H 2021). Net income: P85.6m (up 12% from 1H 2021). Profit margin: 12% (up from 11% in 1H 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 8% per year. Executive Departure • Oct 06
Independent Non-Executive Director Serty Leburu has left the company On the 28th of September, Serty Leburu's tenure as Independent Non-Executive Director ended after 12.5 years in the role. We don't have any record of a personal shareholding under Serty's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.75 years. Board Change • Oct 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Independent Non-Executive Director Gaone Macholo was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 10
Full year 2021 earnings released: EPS P0.13 (vs P0.11 in FY 2020) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: P1.43b (flat on FY 2020). Net income: P135.3m (up 16% from FY 2020). Profit margin: 9.5% (up from 8.2% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 09
Upcoming dividend of P0.053 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 27 August 2021. Trailing yield: 15%. Within top quartile of Batswana dividend payers (8.3%). Higher than average of industry peers (4.3%). Reported Earnings • Aug 01
Full year 2021 earnings released: EPS P0.13 (vs P0.10 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: P1.43b (up 2.2% from FY 2020). Net income: P135.3m (up 27% from FY 2020). Profit margin: 9.5% (up from 7.6% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jan 25
Upcoming Dividend of P0.031 Per Share Will be paid on the 15th of February to those who are registered shareholders by the 1st of February. The trailing yield of 8.3% is in the top quartile of Batswana dividend payers (8.0%), and it is higher than industry peers (4.9%). Reported Earnings • Dec 24
First half 2021 earnings released: EPS P0.073 The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: P712.0m (down 1.0% from 1H 2020). Net income: P76.5m (down 8.2% from 1H 2020). Profit margin: 11% (down from 12% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 03
New 90-day high: P0.81 The company is up 1.0% from its price of P0.80 on 04 September 2020. The Batswana market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Telecom industry, which is also up 1.0% over the same period. Is New 90 Day High Low • Oct 24
New 90-day low: P0.69 The company is down 22% from its price of P0.88 on 24 July 2020. The Batswana market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day low: P0.76 The company is down 15% from its price of P0.89 on 09 July 2020. The Batswana market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 3.0% over the same period. 
