GP profit soars 21.7pc on rising data sales

Staff Correspondent | Published: 00:05, Jan 31,2018

 
 

Grameenphone chief executive officer Michael Patrick Foley speaks about the company’s performance at a programme held in Dhaka on Tuesday. GP deputy chief executive officer and CMO Yasir Azman and CFO Karl Erik Broten were present. — New Age photo

Net profit of the country’s leading mobile phone operator Grameenphone grew by 21.74 per cent in 2017 compared with the previous year because of rising data usage by the subscribers.
The operator’s net profit increased by Tk 489.83 crore to Tk 2,742.46 crore in 2017 against its Tk 2252.63 crore net profit in 2016.
The profit growth of the company witnessed a three-year high in 2017.
Earnings per share of GP stands at Tk 20.31 for the year ended on December 31 2017 against that of Tk 16.68 in 2016, according to a GP statement released on Tuesday.
It showed that GP’s data revenue grew by 46.4 per cent during the year against a 9.5 per cent voice revenue growth.
GP attained 74 lakh new subscribers during the year, registering a 12.7 per cent growth in 2017 compared with that in the previous year, while it acquired 66 lakh internet users during the year.
‘In 2017, we delivered a strong business performance amidst a very competitive environment,’ said Grameenphone chief executive officer Michael Patrick Foley.
‘We were able to achieve this through focus on the strategic ambitions outlined and solid execution in the market,’ he said.
‘Our SIM market share was stable at 45.4 per cent and voice revenue growth improved further,’ GP CEO said.
GP shares, which had been on the rise in the recent times, last traded Tk 504.90 at Dhaka Stock Exchange on Tuesday after opening at Tk 511 in the dull market.
The GP statement also said it invested Tk 1,450 crore in 2017 to roll out 3G sites and 2G coverage and for capacity enhancement, and network and IT readiness for future business.
Besides, GP paid Tk 6,180 crore in taxes including corporate tax, value added tax, duties and licence fees, representing 48.1 per cent of total Tk 12,840 crore revenue of GP.
The board of directors of the mobile phone operator also recommended for another 100 per cent cash dividend for its shareholders, taking the total dividend for the year to 205 per cent including an interim 105 per cent cash dividend. 

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