GP makes Tk 1,973cr profit in January-June

Grameenphone, the largest mobile phone operator in Bangladesh, registered a 14 per cent year-on-year higher profit to Tk 1,973 crore in the first half of 2023. 

The mobile carrier logged Tk 1,730 crore profit in the identical January-June half of 2022.

The earnings per share grew to Tk 14.62 in the second half of 2023 from Tk 12.82 a year ago. Revenue rose 4 per cent to Tk 7,735 crore.

Shares of Grameenphone, however, remained unchanged at Tk 286.60 on the Dhaka Stock Exchange yesterday.

In the April-June quarter, the company acquired 11.39 lakh subscribers, taking the tally to 8.13 crore. More than 56 per cent of the subscribers, or 4.61 crore, use internet services. 

“Grameenphone achieved positive developments in dispute resolutions and constructive dialogues while strengthening core services to create value amidst external challenges,” said Yasir Azman, chief executive officer of Grameenphone, in a press release.

“With a continued focus on expanding our network and spectrum rollout, we prioritised meeting our customers’ needs through digital-centric innovation and services.”

In the second quarter, GP and the large taxpayer unit for tax at the National Board of Revenue signed agreements settling income tax disputes for the assessment years from 2007-2008 to 2019-2020 through the alternative dispute resolution process, said the press release.

The operator also 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 licence renewal without prejudice to its rights, it said.

Despite positive developments on dispute resolutions, the total payment amounting to Tk 1,769 crore strains GP’s cash position as it came on top of regular payments, the press release said.

In light of the settlements and continued constructive dialogues with the BTRC with uncertain outcomes, GP did not recommend any interim dividend for the first half of the year.

The company awarded a 220 per cent dividend to its shareholders for the entire 2022. It was 250 per cent in 2021 and 275 per cent in 2020.

GP’s profit surged 30 per cent year-on-year to Tk 1,193 crore in April-June. It stood at Tk 920 crore a year ago. Thus, the EPS increased to Tk 8.84 from Tk 6.82.

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