TDC Development Company more than tripled its net profit in 2025, closing the year at GH¢195.61 million, up from GH¢59.99 million in 2024, according to the latest State Ownership Report by the State Interests and Governance Authority (SIGA).
The Tema-based state housing and real estate developer lifted its operating profit to GH¢257.48 million, from GH¢88.22 million the year before. Its operating margin jumped to 120.76 per cent, from 49.06 per cent.
Return on equity climbed to 27.70 per cent, from 11.75 per cent, and return on assets more than doubled, from 12.02 per cent to 26.23 per cent.
Total assets grew to GH¢981.63 million, from GH¢733.76 million, while shareholder equity rose to GH¢706.07 million.
Courage Nunekpeku, Head of TDC Development Company, said the results reflect a company that has stopped waiting on government transfers and started running on its own numbers.
“We are not chasing a bailout. We are building an asset base that pays for itself, and this year’s results show that discipline is paying off,” he said.
Operating revenue rose to GH¢190.66 million, from GH¢163.71 million in 2024.
The larger jump in profit came from a fair value revaluation of TDC’s investment properties, which pushed net profit margin from 36.65 per cent to 102.59 per cent.
TDC carries no interest-bearing debt and maintained a gearing ratio of zero for the year, relying instead on internally generated funds to finance its operations.
The company’s current ratio stood at 3.04 to 1, providing ample short-term assets to cover its liabilities, although operating cash flow to revenue was negative at 0.59 times.
The stronger earnings translated into a higher payout to the state. TDC paid dividends of GH¢3.0 million in 2025, up from GH¢2.4 million in 2024.
TDC’s growth during the year included expanding its footprint beyond Tema.
President John Mahama performed the sod-cutting ceremony for the company’s Oxygen City project at Community 27 in the Volta Region, part of the company’s mandate to expand beyond the Tema Acquisition Area since converting to a limited liability company in 2017.
“Oxygen City is proof that TDC’s model travels beyond Tema. Where government hands us land and a mandate, we hand back a functioning town,” Nunekpeku said.
SIGA oversees the government’s shareholding in state-owned enterprises across Ghana’s energy, agriculture, transport, financial, communication, manufacturing and infrastructure sub-sectors.
