GP AGM okays 85 pc cash dividend
Wednesday, 20 April 2011
FE Report
The Grameenphone (GP) Limited approved 85 per cent cash dividend for its shareholders for the year ended December 31, 2010. The approval came at the 14th Annual General Meeting (AGM) of the company held at the Bangabandhu International Convention Centre in the city Tuesday. Chairman of Grameenphone Board Sigve Brekke presided over the meeting while chief executive officer of the company Tore Johnsen was present along with other high officials of the company which was attended by a large number of shareholders. This was the second AGM of the company after it went public in 2009. A special security measure was arranged in the venue to avoid any untoward incidents. The company recorded a net profit of Tk 10.71 billion (1071 crore) in 2010, with 14.3 per cent margin compared to Tk 14.97 billion (1497 crore) with 22.9 per cent margin last year. Earnings per share for 2010 stood at Tk 7.93 compared to Tk 12.08 for 2009, the company's annual report revealed. The net asset value per share of the company stood at Tk 35.57 in the year ended December 31, 2010. The Chairman in his speech expressed his gratitude to the shareholders for their support to the company. Mr Brekke said Grameenphone has paid Tk 33.44 billion as direct taxes, VAT and duties and in fees to the Bangladesh Telecommunication Regulatory Commission (BTRC) in 2010. The company has invested Tk 157.96 billion to build the network infrastructure since its operation on March 26,1997, and Tk 8.46 billion was invested during 2010 alone, Mr Brekke informed. The total number of GP subscribers now stands at 31.982 million out of the country's total of 72.963 million mobile subscribers as of March 2011. This year the company will distribute the dividend warrants through 39 banks to at least 73000 shareholders out of 0.1 million today (Wednesday). The rest 27,000 shareholders will get the dividend warrants through GP distribution centres and courier service between April 21 to April 26, the officials said. Unlike the government GP has a vision to provide with communication services to people at a lower cost in a bid to digitization process of the country, said Mr Brekke. The company targets to expand its internet services to rural areas through its more than 500 community information centre (CIC) so that poor people in backward areas get access to health, education, agriculture and other services. GP CEO Mr Tore said "Our revenue went up by 14.4 per cent in 2010, but higher selling and distribution expenses, mainly SIM tax subsidies pushed the EBITDA (Earnings before interest, Taxes, Depreciation and Amortization) margin down to 49.5 per cent in 2010 compared to 2009." Grameenphone also diversified its business by forming an IT company, Grameenphone IT Limited, to give a way to build the 'Digital Bangladesh, said Mr Tore. The other activities of the AGM were adoption of the directors' report and the audited financial report for 2010, election and re-election of the directors and appointment of the auditors. Each Grameenphone share closed at Tk 166.0 on Tuesday which was down by Tk 0.70 per share compared to previous session. The shareholders present in the meeting appreciated the overall performance of the Company. They also put forward a number of suggestions for making the company more vibrant in its future activities.
The Grameenphone (GP) Limited approved 85 per cent cash dividend for its shareholders for the year ended December 31, 2010. The approval came at the 14th Annual General Meeting (AGM) of the company held at the Bangabandhu International Convention Centre in the city Tuesday. Chairman of Grameenphone Board Sigve Brekke presided over the meeting while chief executive officer of the company Tore Johnsen was present along with other high officials of the company which was attended by a large number of shareholders. This was the second AGM of the company after it went public in 2009. A special security measure was arranged in the venue to avoid any untoward incidents. The company recorded a net profit of Tk 10.71 billion (1071 crore) in 2010, with 14.3 per cent margin compared to Tk 14.97 billion (1497 crore) with 22.9 per cent margin last year. Earnings per share for 2010 stood at Tk 7.93 compared to Tk 12.08 for 2009, the company's annual report revealed. The net asset value per share of the company stood at Tk 35.57 in the year ended December 31, 2010. The Chairman in his speech expressed his gratitude to the shareholders for their support to the company. Mr Brekke said Grameenphone has paid Tk 33.44 billion as direct taxes, VAT and duties and in fees to the Bangladesh Telecommunication Regulatory Commission (BTRC) in 2010. The company has invested Tk 157.96 billion to build the network infrastructure since its operation on March 26,1997, and Tk 8.46 billion was invested during 2010 alone, Mr Brekke informed. The total number of GP subscribers now stands at 31.982 million out of the country's total of 72.963 million mobile subscribers as of March 2011. This year the company will distribute the dividend warrants through 39 banks to at least 73000 shareholders out of 0.1 million today (Wednesday). The rest 27,000 shareholders will get the dividend warrants through GP distribution centres and courier service between April 21 to April 26, the officials said. Unlike the government GP has a vision to provide with communication services to people at a lower cost in a bid to digitization process of the country, said Mr Brekke. The company targets to expand its internet services to rural areas through its more than 500 community information centre (CIC) so that poor people in backward areas get access to health, education, agriculture and other services. GP CEO Mr Tore said "Our revenue went up by 14.4 per cent in 2010, but higher selling and distribution expenses, mainly SIM tax subsidies pushed the EBITDA (Earnings before interest, Taxes, Depreciation and Amortization) margin down to 49.5 per cent in 2010 compared to 2009." Grameenphone also diversified its business by forming an IT company, Grameenphone IT Limited, to give a way to build the 'Digital Bangladesh, said Mr Tore. The other activities of the AGM were adoption of the directors' report and the audited financial report for 2010, election and re-election of the directors and appointment of the auditors. Each Grameenphone share closed at Tk 166.0 on Tuesday which was down by Tk 0.70 per share compared to previous session. The shareholders present in the meeting appreciated the overall performance of the Company. They also put forward a number of suggestions for making the company more vibrant in its future activities.