Grameenphone Ltd reported total revenues of Tk15,040.35 crore for the fiscal year of 2022, registering a year-over-year growth of 5.1%.
Due to a regulatory ban on the sale of sim cards during the second half of the year, the company registered a 5.0% YoY lower subscriber base, reaching 70.9 million users at the end of 2022.
According to a press release, 55% of Grameenphone's total subscribers, or 43 million, are using internet services, declining by 2.2% from the end of 2021.
“Grameenphone exhibited a resilient performance in the face of external hurdles in the fourth quarter of 2022, ending the year with continued topline growth momentum. The ongoing year-over-year growth was mainly driven by our increased investment in the network and deployment of new spectrum, reaching the milestone of over 20K total sites and 19.6K 4G sites on our network. On June 29, the telecom regulator imposed a ban on the sale of our sim cards, which negatively affected our subscriber growth for the second half of the year. As a result of Grameenphone's commitment to continue prioritizing customer experience and journey, data usage grew by 38.8% from last year, while 4G data users increased by 23.6% to 3.42 crore at the end of 2022, despite ending the year with a lower subscriber base. On January 2, the regulator withdrew the ban on sim sales as a result of constructive dialogue and engagement.” said Yasir Azman, CEO of Grameenphone Ltd.
“In addition to strengthening our core, Grameenphone is leading in innovation and customer-oriented solutions through advanced mobile technology and capabilities along with partnerships. We have entered strategic partnerships with Google and Facebook and deployed solutions that provide seamless journeys and convenience for customers. In partnership with bKash, we have enabled hassle-free automated payment features. These efforts combined have led to increased engagement from digital channels and growing customer adoption. We look forward to expanding services and scaling solutions for customers via our partnership with a2i and continue on our pivotal role in the digitalization and economic growth of the country.”
“Grameenphone reported an improving financial performance in 2022 driven by topline and EBITDA growth. Total revenues grew by 5.1% to Tk15,040.35 crore while subscription and traffic revenues grew by 5.5% for the full year. Investment in network and spectrum deployment contributed to growing usage in data and bundle segments, leading to seven consecutive quarters of YoY revenue growth despite a lower sub-base from the ban of sim sales,” said Jens Becker, CFO of Grameenphone Ltd.
“Grameenphone also registered ongoing growth in EBITDA, supported by the growth in revenue and efficiency measures despite increasing pressure from the macroeconomic climate and rising inflationary costs. EBITDA for the full year grew by 4.8% with a margin of 62.4%. Net profit after tax for 2022 reached Tk3,009.16 crore with a margin of 20.0%. Net profit for Q422 was adversely impacted by FX loss and negative verdict of legacy litigation.”
The Board of Directors of Grameenphone Ltd. have recommended Tk9.5 dividend per share final dividend for 2022 based on the decision taken at the Board Meeting held on January 30.
With this, the total cash dividend stands at 220% of paid-up capital which represents 98.72% of Profit After Tax for the year 2022 (including a 125% interim cash dividend).
