GP posts record Tk 3,672cr net profits in 2020

Staff Correspondent | Published: 17:48, Jan 28,2021 | Updated: 22:25, Jan 28,2021

 
 

Leading mobile phone operator Grameenphone posted a record Tk 3,671.71 crore net profit in 2020 despite suffering a 2.82-per cent revenue fall in the year hit by the COVID-19 outbreak.

GP’s annual report for the year 2020 showed that the operators’ profit grew by 6.14 per cent or Tk 212.33 crore from Tk 3,459.34 crore in the previous year.

With the increase in net profit, the company’s earnings per share stood at Tk 27.54 in 2020 against Tk 25.56 in the previous year.

The operator’s revenue dropped to Tk 13,960.61 crore, down by Tk 405.01 crore from Tk 14,365.63 crore in revenue in 2019.

The telecom operator’s revenue dropped in 2020 even though its subscriber base rose by 26 lakh to 7.9 crore, up by 3.4 per cent compared with its subscriber base in the previous year.

Of the users, 4.13 crore GP subscribers were using mobile internet services, said a GP press release on Thursday.

The company’s average revenue per subscription per month dropped to Tk 150.28 in 2020 against Tk 157.25 in the previous year.

‘During the fourth quarter, we reached more than 14,000 4G sites, and witnessed a promising growth of 65.6 per cent in 4G users, ending 2020 with 1.98 crore customers empowered with 4G, which is a major milestone while entering 2021,’ GP chief executive officer Yasir Azman said.

‘Economic recovery in the fourth quarter was lower than expected, impacting us in a year full of unprecedented challenges amidst the COVID-19 pandemic,’ Yasir said.

‘We believe in meaningful consultations that can enrich our service propositions and facilitate the country towards growth,’ said GP chief financial officer Jens Becker.

Along with the latest Tk 14.5-per-share dividend, the company has issued Tk 27.50-per-share dividend for the entire year, he said.

The shareholders as of the record date of February 17, 2021 will be entitled for this final dividend, which is subject to the shareholders’ approval at the entity’s annual general meeting scheduled to be held on April 19, 2021, the GP statement said.

The total number of towers stands at 16,547.

The company has paid Tk 9,820 crore, equalling to 70.4 per cent of its total revenues, to the national exchequer in the form of taxes, value added taxes, duties, fees, 4G licence and spectrum assignment in 2020, the telecom operator said.

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