Grameenphone sees revenue up 11.8 pct in 2017

DHAKA, Jan. 31 (NsNewsWire) –Grameenphone Ltd. reported revenue of BDT 128.4 billion for 2017, up 11.8% from last year. Data revenue grew by 46.4% along with voice revenue growth of 9.5%. During the 4th quarter of 2017, total revenue grew by 8.0%.
Grameenphone Ltd. acquired 7.4 million new subscribers during the year, registering a 12.7% growth. The company also acquired 6.6 million internet users. With this, 47.7% of total subscribers are using Grameenphone internet services.
“In 2017 we delivered a strong business performance amidst a very competitive environment. We were able to achieve this through focus on the strategic ambitions outlined and solid execution in the market. Our SIM market share was stable at 45.4% and voice revenue growth improved further,” said Michael Patrick Foley, CEO of Grameenphone Ltd. He added, “Going forward we will bring in more agility and speed in our execution machinery with sharper focus on our proven strategic priorities to create more value for our honorable shareholders.”
Net profit after taxes for 2017 was BDT 27.4 billion. Higher revenue and operating efficiency contributed to EBITDA (before other items) of BDT 76.2 billion. Earnings per share (EPS) for the year was BDT 20.31.
“Grameenphone Ltd. completed another strong year with improved topline growth and profitability. This was mainly driven by healthy growth in subscriber base and corresponding usage. We experienced competitive pressure on pricing, specially in the data segment. Our operational efficiency initiatives helped us to improve our profitability further, said Karl Erik Broten, CFO of Grameenphone Ltd. He added, “With the growth potential of the market and ongoing focus on efficiency and simplification initiatives, we are optimistic in delivering profitable growth for the company going forward. We are also happy to announce that the Board of Directors has recommended a final dividend of BDT 10 per share for our honorable shareholders.”
GP invested BDT 14.5 billion during the year to rollout 3G sites, 2G coverage, capacity enhancement and network & IT readiness for future business. GP, the largest contributor to exchequer paid BDT 61.8 billion, comprising 48.1% of total revenue to the national exchequer during the year in the form of taxes, VAT, duties and license fees.
The Board of Directors of Grameenphone Ltd. have recommended 20.5 BDT per share for the full year 2017 dividend based on the decision taken at the Board Meeting held on 29 January 2018. With this, the total cash dividend stands at 205% of paid up capital which represents 101% of Profit After Tax for the year 2017 (including 105% interim cash dividend). The Shareholders as of the record date of 19 February 2018 will be entitled for this final dividend, which is subject to the Shareholders’ approval at the 21st AGM to be held on 19 April 2018.
“A lot of regulatory initiatives are in the pipeline of implementation during 2018. 4G operating license, spectrum auction & technology neutrality, tower co. licensing, mobile number portability services are some items worth mentioning here. We would like to reiterate our commitment towards meaningful consultations between industry and Government that can enrich the industry service propositions further, which in-effect will facilitate the current economic growth momentum of the country,” said Michael Patrick Foley, CEO of Grameenphone Ltd.
Caption: Grameenphone CEO Michael Patrick Foley (Center) speaking to the financial analyst of different brokerage houses along with Deputy CEO & CMO Yasir Azman and CFO Karl Erik Broten. Press Release