Home ›› Telecom

GP net profit up 14% in H1 2023

Staff Correspondent
17 Jul 2023 21:47:46 | Update: 17 Jul 2023 21:54:28
GP net profit up 14% in H1 2023

Net profit of Grameenphone Ltd – the largest market cap firm on Bangladesh’s prime bourse Dhaka Stock Exchange (DSE) – rose by 14 per cent to Tk 1,973 crore in the first six months of 2023, compared year-on-year.

Meanwhile, during the three months [April to June] period, the mobile phone operator’s net profit rose by 29.6 per cent to Tk 1,193 crore, when compared to the same period last year, shows the company’s audited financial statement.

The statement was approved at a Grameenphone board meeting on Monday, insiders told The Business Post.

GP’s earnings per share (EPS) for the second quarter stood at Tk 8.84, which was Tk 6.82 in the same quarter last year. In the six months, its EPS stood at Tk 14.62, compared to Tk 12.82 in the January – June period of 2022.

The market’s heavyweight multinational billion-dollar GP accounts for over 8 per cent of the DSE total market cap, which is the highest single holding in the bourse. A stock investor in that multinational firm has not earned any capital gains from investments in the last six months.

On Monday, its shares were trading at Tk 286.6 on the DSE.

GP got listed on the DSE in 2009. The company’s paid-up capital is currently Tk 1,350 crore. Its market cap stood at Tk 38,699 crore on the Dhaka bourse on Monday.

The telecom company’s net profit trickled down by 12.09 per cent year-on-year in 2022, although its revenue grew by 5.12 per cent the same year. The publicly traded company’s profit fell to Tk 3,009 crore in 2022, which was Tk 3,412 crore the year before.

Its profit was adversely impacted by foreign exchange losses and a negative verdict in legacy litigation last year, according to the company. The largest market-cap company reported revenues of Tk 15,040 crore last year.

Due to a regulatory ban on the sale of SIM cards during the second half of the year, the company registered a 5.12 per cent year-on-year lower subscriber base, reaching 7.91 crore at the end of 2022.

The company had paid a 95 per cent final cash dividend to its shareholders for the year 2022 through the DSE. Moreover, the firm paid a 125 per cent interim cash dividend last year.