B Mirror Report

Despite a second consecutive year of revenue decline, state-owned Bangladesh Submarine Cables PLC has reported a 12.54% rise in net profit for the fiscal year 2024–25. The company also announced a 40% cash dividend, maintaining last year’s payout of Tk4 per share.

According to its stock exchange filing on 23 September, the company earned Tk396.09 crore in revenue and Tk205.94 crore in net profit during FY25. This compares to Tk515.49 crore in revenue and Tk279.02 crore in profit in FY23 — its highest earnings to date.

Interestingly, the company’s net profit margin improved to 52.25%, up from 45.91% in the previous fiscal year, reflecting better cost efficiency despite revenue pressure.

Industry insiders point to increasing competition from International Terrestrial Cable (ITC) operators and reduced IPLC service rates as key reasons behind the revenue slump. Four ITC license holders are currently active, offering services through India’s terrestrial cable infrastructure — forcing Bangladesh Submarine Cables to lower tariffs on IPLC and IP transit services.

While net operating cash flow per share declined from Tk17.63 to Tk13.75, the company’s net asset value rose to Tk1,701 crore as of 30 June 2025, up from Tk1,524.59 crore a year ago.

The Annual General Meeting (AGM) is scheduled for 23 November, to be held virtually. The record date for shareholders is 22 October.

Bangladesh Submarine Cables remains the country’s only provider of submarine cable-based internet bandwidth, operating two major undersea systems: SMW-4 (since 2005, Cox’s Bazar) and SMW-5 (since 2017, Kuakata).

On Tuesday, its shares closed at Tk136.70 on the Dhaka Stock Exchange, down slightly from the previous day.