ADN Telecom’s net profit rises 13%

Leading IT and telecoms company ADN Telecom has reported a 13 percent rise in net profits year-on-year in 2018.

Staff Correspondentbdnews24.com
Published : 3 Nov 2018, 05:26 PM
Updated : 3 Nov 2018, 05:26 PM

The company’s net profits rose to more than Tk 119.6 million in the year to June 30 from about Tk 105.9 million a year earlier, according to its financial statement.   

Its earnings per share, another indicator of the company’s profitability, rose to Tk 2.67 from Tk 2.52 in the same period.

 

In August, the company received the green light from the securities regulator to go public under the book building system.

 

To discover the cut-off price of its shares, the electronic bidding process in which only institutional investors are allowed to participate will start at 5pm on Nov 5 and end at 5pm on Nov 8.

IPO proceeds will be used for balancing, modernisation, rehabilitation and expansion or BMRE, the construction of a new data centre and loan repayment, according to the company’s prospectus.

ADN will raise Tk 570 million through the book building method. Of the amount, shares worth more than Tk 356.2 million have been allocated for the institutional investors.

In the IT sector, the ADN will be the third largest company in terms of revenue incomes and the ninth listed company, once it is listed on the stock exchanges, according to an analysis.

 

At present in terms of revenue incomes, Aamra Technologies is the top company, followed by IT Consultants, according to the financial statements filed to the Dhaka Stock Exchange.