Nepal Telecom has organized it’s 13th Annual General Meeting (AGM) on March 26, 2021, Friday. The shareholders of the company meet up with the company board of directors and management at Army Officer’s club, Kathmandu. The meeting unanimously decided to distribute a 40% cash dividend to the shareholders, which is provided as a part of the profit of the company for the Fiscal year 2076/77.
The cash dividend was distributed to all the shareholders immediately after the completion of the AGM.
The 92% of shareholders present in the meeting also approved the Annual report, Auditor’s report, balance sheet, profit/loss account, and cash flow for the fiscal year 2076/77.
Based on the consultation from the Office of Auditor General (OAG) and recommendation from the company’s Audit Committee, NT appointed Chartered Accountant Mr. Prakash Jung Thapa and Piyush Anand for the company’s audit for the Fiscal year 2077/78.
The meeting also approved the appointment of Mr. Ambika Prasad Poudel as the unopposed BoD representing Public shareholders.
After welcoming the shareholders in the meeting, the Chairman BOD of the company and MoCIT secretary Mr. Hari Prasad Bashyal presented the annual report of the FY 2076. Further he said “The Board of director of the company is always committed to provide attractive returns to the shareholders and improve the financial health of the company”.
He also expressed his gratitude to the shareholders in lending support, goodwill and cooperation to develop the company as a strong leader in the telecommunication sector. That is only possible by meeting the demands of the customers in providing affordable, state of the art, and good quality telecommunication services.
He said that Nepal Telecom provides a huge contribution to nation-building by reducing the digital divide, proliferate digital literacy, support e-governance/digital Nepal, etc. As per his statement, we came to know that 50% of the total income goes to the country’s treasury in the name of income tax, VAT, service fee, royalty, dividend, etc.
The company also made a huge relief to the people during the COVID-19 pandemic with several offers/discounts, free calls to zero balance users, etc. The company contributed a totality of 35.05 Billion NRs to the government revenue for the FY 2076/77.
Nepal Telecom has been providing several services like calls throough basic telephone/landline, GSM, CDMA mobile and internet service through ADSL, leased line, 2G, 3G, 4G / LTE, WiMAX, FTTH technology. They have a customer base of more than 20 million (2 crores). Similarly, the internet subscription increased by 9.93% to 15 millions (1.5 crores) in the last FY.
The company mainly focused on its GSM network especially the 4G network expansion and the FTTH service in the fiscal year. They have maintained the market share of both voice and internet service which stands at 52.69 and 48.68 percent respectively.
Despite a mountain of challenges and risks, Nepal Telecom could gather a total revenue of Rs 42.99 billion and a profit of Rs 9.75 billion in the FY 2076/77. Chairman said that the company is committed to improving the service quality at an affordable rate as per the demand/expectation of the people.
As put by the Chairman BOD of Nepal Telecom, here are the major priorities of the company.
He also shared the ongoing and upcoming projects in several departments like Wireless, Wireline, Backbone Transmission, Information Technology, and Billing.
Finally he expressed full commitment in addressing the issues raised by the shareholders in the meeting. Further, Nepal Telecom’s MD Mr. Dilli Adhikari clarified on some of the issues that needed more explanation.
Tell us what do you think of the Nepal Telecom’s financial health, dividend percentage and the share price? Do comment below.
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