Globally, the biggest beneficiary from this period of unprecedented change is undoubtedly Big Tech, as its customers are forced to accelerate online plans, take up new networking tools and get people working from home.
So one would expect Bangladesh’s IT companies to be doing rather well for themselves, too. Turns out, they are not.
Of the 10 listed IT companies, nine have disclosed their numbers for the second quarter of their 2020-21 financial year and profit of six have -- declined.
During the period, AamraNetworks, which provides state-of-the-art IT communications solutions, saw its profit tumble the most: 43.5 per cent year-on-year to Tk 2.63 crore, according to its unaudited financial statement.
After Aamra Networks Daffodil Computers saw its profit tumble the most: by 38.7 per cent year-on-year to Tk 0.9 crore.
“Our sales have been low as schools, colleges and universities are still closed for the pandemic,” said Md. Monir Hossain, company secretary of Daffodil Computers.
In Bangladesh, schools and educational institutions have been closed since March 17 as part of the government’s strategy to tame the spread of coronavirus.
The government is mulling reopening the classrooms but no definitive decision has come yet.
Aamra Technologies, which provides the financial industry with hardware, software and connectivity solutions, saw its profit drop 35.95 per cent during the period to Tk 1.8 crore.
The company blames the unavailability of products and constraints in the import channel for the slump in profit.
“The import costs were high and this impacted the cost of goods sold significantly,” Syed Moniruzzaman, company secretary of Aamra Technologies, earlier told Dhaka Tribune.
Though the operating and financial expenses were favourable, the increased cost of goods sold had affected the profit negatively, he added.
However, ADN Telecom, the leading ISP, MPLS, IPLC, and IP Telephony service provider in the country, saw its profit grow between October and December of last year.
The company saw its profit soar 31.3 per cent to Tk 3.79 crore in the October-December quarter.
BDCOM Online, which provides nationwide internet service, data communication service, IP telephony service and vehicle tracking system, saw its profit soar 64 per cent to Tk 1.25 crore.
Agni Systems saw its profit slip 3.2 per cent between October and December to Tk 1.90 crore.
Genex Infosys, the leading outsourcing provider of customer experience management, saw its profit decline 10.9 per cent in the second quarter of its 2020-21 financial year.
However, its profit in the first half of the financial year stayed the same as in the previous year.
Information Services Network did not report its second-quarter earnings but disclosed its results for July and December at once: its profit tumbled a whooping 91 per cent.
