Grameenphone Ltd, the most valued company in the stock market, said its profit rebounded in 2023 after two consecutive years of decline, buoyed by higher revenue generated from increased voice only and data only services.

However, the company declared 125 percent final cash dividend for the year in what was its lowest pay-out since at least 2015, according to data available on the Dhaka Stock Exchange website.

The telecom operator had been suffering from falling earnings in the two years until 2022.

Grameenphone had recorded profits of Tk 3,718 crore, its highest on record, when the country saw repeated lockdowns to curb Covid-19 in 2020.

Grameenphone, a majority of which is owned by Telenor, recorded Tk 3,009 crore profit in 2022, a 11.8 percent decline from the previous year.

In the last financial year ending in December, the country's largest mobile phone operator in terms of subscribers posted Tk 3,306 crore in profit, according to a price sensitive disclosure posted on the Grameenphone website.

However, the company has not disclosed its total profits.

The earnings figure has been calculated by multiplying its total outstanding shares with the earnings per share (EPS).

The telecom operator said its earnings grew Tk 24.49 per share in 2023, registering a spike of 9.86 percent year-on-year.

Grameenphone also said its revenue edged up 5.5 percent year-on-year to Tk 15,870 crore at the same time, according to its disclosure.

Revenue for the year 2023 increased by Tk 830 crore compared to that of 2022 mainly due to higher mobile communication revenue, which was driven by higher voice only and data only services, partly offset by lower bundle service revenue.

With a customer base of 8.22 crore, Grameenphone said its expenses for the year 2023 increased by Tk 530 crore compared to that of 2022 mainly due to an increase in depreciation and amortization expenses.

The mobile phone operator, which listed with stock market in 2009, said it net operating cash flow per share declined 5 percent year-on-year to Tk 44.88 in financial year 2023.

Incorporated in Bangladesh in 1996, Grameenphone Ltd is a joint venture between Telenor, the largest telecommunications service provider in Norway, with mobile phone operators in other countries.

Grameen Telecom, a non-profit organisation of Bangladesh, owns 34.2 percent of the company's shares. The rest 10 percent is owned by general retail and institutional investors.

Shares of Grameenphone closed unchanged at Tk 286.60 at the DSE today.