Grameenphone’s net profit rises 28% in 2018, shares surge

Grameenphone's net profit rose about 28 percent year-on-year to Tk 35.2 billion in 2018, helped by data revenue growth.

News Deskbdnews24.com
Published : 28 Jan 2019, 11:52 AM
Updated : 28 Jan 2019, 11:52 AM

“In 2018, we delivered a strong business performance driven by excellent execution in the market,” CEO Michael Foley said in a statement on Monday. 

Profit news cheered the stock. Shares of Grameenphone, Bangladesh’s largest company by market value, surged 4 percent on the Dhaka Stock Exchange.

The mobile phone operator netted 7.4 million new subscribers throughout the last year, registering an 11.3 percent increase. It also added 5.9 million internet subscribers. About 51 percent of its total subscribers were using internet services.

The company’s revenue went up 3.4 percent year-on-year to Tk 132.8 billion in 2018. That was the lowest growth since 2015 when it was 2 percent, according to the company’s website.

Foley said the operator faced many challenges this year with a tough competitive environment and regulatory directives. However, he said the company witnessed healthy growth in voice and data revenue.

Data revenue grew by 21 percent along with voice revenue growth of 6.6 percent in 2018, according to the statement.

The company recommended Tk 28 per share dividend for 2018. The total cash dividend stood at 155 percent of paid-up capital.