Grameenphone makes Tk 1,973cr profit in January-June
Grameenphone, the leading mobile phone operator in Bangladesh, recorded a remarkable 14 percent year-on-year increase in profit, reaching Tk 1,973 crore during the first half of 2023. In the same period of January to June 2022, the mobile carrier had achieved a profit of Tk 1,730 crore.
The earnings per share also saw growth, rising from Tk 12.82 a year ago to Tk 14.62 in the second half of 2023. Additionally, the company’s revenue experienced a 4 percent surge, reaching Tk 7,735 crore.
Despite these positive financial indicators, Grameenphone’s shares remained steady at Tk 286.60 on the Dhaka Stock Exchange.
During the April-June quarter, the company acquired 11.39 lakh new subscribers, bringing the total tally to 8.13 crore. Among these subscribers, over 56 percent, or 4.61 crore users, are utilizing internet services.
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Yasir Azman, the chief executive officer of Grameenphone, expressed satisfaction with the company’s achievements, citing successful dispute resolutions and constructive dialogues amidst external challenges. He also highlighted their commitment to enhancing services through digital-centric innovations and network expansion.
In the second quarter, GP resolved income tax disputes through agreements with the National Board of Revenue’s large taxpayer unit for the assessment years 2007-2008 to 2019-2020, using the alternative dispute resolution process. Additionally, the operator made payments to the Bangladesh Telecommunication Regulatory Commission (BTRC) as per the written judgement of the case relating to VAT mechanism and spectrum assignment fee during the 2G license renewal.
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However, these settlements, totaling Tk 1,769 crore, impacted GP’s cash position, particularly when combined with regular payments. Due to uncertain outcomes resulting from ongoing constructive dialogues with the BTRC, the company chose not to recommend any interim dividend for the first half of 2023.
In previous years, Grameenphone had awarded its shareholders dividends of 220 percent in 2022, 250 percent in 2021, and 275 percent in 2020. The impressive financial performance continued in the second quarter, with GP’s profit surging 30 percent year-on-year to Tk 1,193 crore, up from Tk 920 crore in the same period a year ago. The EPS also increased from Tk 6.82 to Tk 8.84.
