BM Report

Country’s top telecom company, Grameenphone on Tuesday reported that, for the first six months of 2023, its total revenues stood at of BDT 7,735.4 crore. The amount is equivalent to US$ 713 million. Net Profit After Tax in the period stood at BDT 1,973.5 crore with a margin of 25.5% and earnings in BDT has grown 4.2% over the same period last year, the company disclosed on Tuesday.

Jens Becker, CFO of company said that their topline growth continued in the first half of 2023 with growth in data business amidst rising inflation and other macroeconomic challenges.

“Building on the growth momentum from the first quarter, the second quarter of 2023 demonstrates a sustained growth in both revenue and EBITDA driven by higher ARPU, strong market execution and strategic focus on network investment,” said Yasir Azman, CEO of Grameenphone, the entity in Bangladesh of the Norwegian telecom giant Telenor. He elaborated that the EBITDA growth registered 5.7% which is doubled over the previous quarter and maintaining a strong 61.1% margin here.

In the second quarter, GP acquired 1.14 million new subscribers, reaching the total at 81.3 million total subscribers at the end of the first half while 56.7% or 46.1 million Grameenphone’s subscribers use internet services.

Grameenphone has also made payments to Bangladesh Telecom Regulatory Commission BTRC as per the written judgement of the case relating to Value Added Tax mechanism and spectrum assignment fee during 2G license renewal without prejudice to its rights.

A total payment amounting to BDT 1,769 crore strains GPs cash position as it comes on top of regular payments. With a positive approach towards resolving disputes, in H1’23, GP has paid BDT 7,030 crore equaling 91% of its total revenues to the national exchequer in the form of taxes, VAT, duties, license and spectrum assignment fees, etc as compared to 73% in H1 of last year. Owing to this situation, GP has not recommended interim dividend to shareholders.

With price unchanged in Dhaka Stock Exchange on Tuesday, GP share with per unit face value of BDT 10 was traded at BDT 286.60 on Tuesday. Its price ranged between BDT 285 to BDT 305.20 in last one year. ($1=BDT108.5)