TDC Development Company more than triples net profit to GH¢195.6m in 2025
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Tema-based state housing developer TDC Development Company grew net profit to GH¢195.61 million in 2025, up from GH¢59.99 million in 2024, helped by a fair value revaluation of its investment properties.
TDC Development Company, the Tema-based state housing and real estate developer, 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 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The 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 percent, from 49.06 percent. Return on equity climbed to 27.70 percent, from 11.75 percent, and return on assets more than doubled, from 12.02 percent to 26.23 percent. Total assets grew to GH¢981.63 million, from GH¢733.76 million, while shareholder equity rose to GH¢706.07 million.
The larger jump in profit came from a fair value revaluation of TDC's investment properties, which pushed its net profit margin from 36.65 percent to 102.59 percent. Operating revenue rose to GH¢190.66 million, from GH¢163.71 million in 2024. 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 paying off," he said.
TDC carries no interest-bearing debt and maintained a gearing ratio of zero for the year, relying on internally generated funds to finance its operations, with a current ratio of 3.04 to 1. The stronger earnings translated into a higher payout to the state, with dividends of GH¢3.0 million paid in 2025, up from GH¢2.4 million in 2024. During the year, President John Dramani Mahama performed the sod-cutting ceremony for the company's Oxygen City project at Community 27 in the Volta Region, part of TDC's expansion 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.