Grameenphone, the nation’s leading telecom operator, announced a remarkable 72% surge in its net profit to Tk1,338 crore in the January-March quarter of 2024 compared to the same period last year. This significant increase was revealed during a meeting where the company disclosed its financial statement for the first quarter.
The notable profit growth was attributed to a substantial 78% decrease in income tax expenditure, which stood at Tk131 crore, down from Tk599 crore in the previous year’s quarter. Revenues also saw a 5% rise to Tk3,933 crore, primarily driven by contracts with customers amounting to Tk3,879 crore and lease revenues of Tk54 crore.
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The majority of revenues stemmed from mobile communication services, particularly through prepaid customers. Earnings per share at the end of March reached Tk9.91, up from Tk5.77 a year ago. Despite a 12% decrease in total expenses during the July-March quarter, the net change in cash and cash equivalents dropped by 20%, mainly due to higher dividend payments, supplier payments, and income tax expenses.
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Grameenphone’s net asset value increased by 20% by March-end, reflecting its profit growth compared to the preceding quarter. Additionally, the company’s share price rose by 1.08% to Tk235 on the Dhaka Stock Exchange on Thursday. Grameenphone has been listed on the stock exchanges since 2009, offering 10% of its shares to investors.
