TFS Ranks Third in Government Dividends for 2023

Tanzania's Forest Conservation Commissioner, Prof. Dos Santos Silayo, has revealed the secret behind their third-place ranking among government institutions in issuing substantial dividends for the fiscal year 2023.

The government agency was announced by the Treasury Registrar's Office to be among the top contributors, providing dividends worth 21.3 billion Tanzanian Shillings (TZS), with the Tanzania Communications Regulatory Authority (TCRA) in second place at 34.7 billion TZS, and the Tanzania Ports Authority (TPA) leading with 153.9 billion TZS. Following them were TASAC in fourth and BRELLA in fifth place.

Furthermore, companies with minimal government shares but significant dividend contributions were disclosed, including NMB at 54.5 billion TZS, Twiga Mineral Corporation at 53.4 billion TZS, Airtel Tanzania at 40.8 billion TZS, Puma Energy at 12.2 billion TZS, and RPC Moshi at 10.2 billion TZS.

Speaking after the dividend handover ceremony to President Samia Suluhu Hassan at the State House in Dar es Salaam, Commissioner Silayo attributed their success to diligent work and disciplined public expenditure.

Prof. Silayo emphasized TFS's focus on revenue collection systems and a disciplined approach, indicating a projected increase in dividends for the upcoming year.

"We at TFS are committed to increasing dividends from 21.3 billion TZS to 27.2 billion TZS, with a strong emphasis on strengthening and overseeing revenue collection systems," he stated.

He noted that for the 2023 dividend, TFS increased revenues through forest plantations, accounting for 65% of total income, with expectations of further growth in 2024.

Prof. Silayo highlighted beekeeping, timber processing, and modern industries as areas for revenue enhancement, aiming for a 113% increase in timber product processing.

"By June 2024, we have already accumulated over 4.6 billion TZS, indicating progress towards the 27.2 billion TZS dividend target. However, we will focus on tourism, livestock farming, revenue management, and expanding forest plantations, which are crucial," he added.

He affirmed their commitment to supporting President Samia's Clean Cooking Energy Campaign, stating they won't rely on charcoal revenue for dividends.

President Samia commended TFS for dividend growth and urged them to align with her clean cooking energy campaign.

During the ceremony, President Samia also awarded TFS for their significant dividend contributions and continuous improvement year after year.