Annual Report 2010 of GrameenPhone Limited

It is a broadly described annual report of GrameenPhone Limited in the year of 2010. In 2010 Grameenphone has paid to Bangladesh Government BDT 3,344 Crore as direct taxes, VAT and duties, and in fees paid to the Bangladesh Telecommunication Regulatory Commission (BTRC). Additionally, Grameenphone paid another BDT 371 Crore through commercial agreements with the Bangladesh Railway (BR), Bangladesh Telecommunications Company Limited (BTCL) and Withholding Taxes. Net Profit after Tax (NPAT) was BDT 10.71 billion (1,071 Crore) with 14.3% margin compared to BDT 14.97 billion (BDT 1,497 Crore) with 22.9% margin of the previous year. Total operating expenditure in 2010 increased by 35% (BDT 970 Crore) from 2009 mainly due to higher subsidy (BDT 455 crore), commissions (BDT 116 Crore), SIM card and cost of device (BDT 108 Crore), rent, electricity and maintenance cost (BDT 90 Crore) and revenue sharing (BDT 43 Crore). EPS of 2010 (BDT 7.93) was lower than that of 2009 (BDT 12.08), yet it is considered reasonable in the competitive environment where SIM tax has restricted EPS growth.

In 2010, the total turnover of Dhaka Stock Exchange (DSE) was a record of BDT 4,009.9 billion compared to BDT 1,475.3 billion in 2009, an increase of 171.80%. The total market capitalization in 2010 was BDT 3,508 billion, posting an 84.81% rise from that in 2009.

For the year ended December 31, 2010, the Board of Directors paid an Interim Cash Dividend @ 35% of the paid-up capital amounting to BDT 4,726,050,077 which was BDT 3.5 per share of BDT 10.00 each. The Board of Directors are pleased to recommend a Final Cash Dividend @ 85% of the paid-up capital amounting to BDT 11,477,550,187, which is BDT 8.5 per share of BDT 10.00 each out of the undistributed profits of the Company for the year 2010, inclusive of the Interim Dividend of 35% paid already, thus making a total dividend of BDT 12.00 per share amounting to BDT 16,203,600,264 for consideration and approval of the Shareholders for distribution.

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