Submarine Cable Company’s revenue crosses Tk500cr for the first time
In the last fiscal year, its revenue was Tk515.49 crore – 17% higher compared to that in the previous year
Bangladesh Submarine Cable Company Limited's revenue crossed Tk500 crore in FY23 for the first time since its inception in 2008.
In the last fiscal year, its revenue was Tk515.49 crore – 17% higher compared to that in the previous year.
The company's revenue jumped due to a substantial effort of its management team, government policy of digitalisation, and introduction of 4G services that increased the overall internet consumption in the country, according to the company's financial statement disclosed on its website.
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Sources at the company said its turnover consists mainly of international private leased circuit rent, internet protocol transit service fees, and co-location service fees.
Its net profit surged by 13% to Tk279 crore in FY23 compared to the previous fiscal year.
The company's earnings per share was Tk15.19 in FY23, which was Tk13.67 in the previous fiscal year.
It declared a record 51% cash dividend to its shareholders for the last fiscal year.
To approve the dividend and the financial statement, the company will conduct its annual general meeting on 12 October, while the record date is set on 20 September.
Despite the positive outcomes last year, Bangladesh Submarine Cable Company's share price remained stuck on the floor price of Tk218.90 apiece.
Yesterday, 743 of its shares were traded at Tk1.6 lakh in the Dhaka Stock Exchange.
Bangladesh Submarine Cable Company Limited – the only state-owned submarine cable-based internet provider – was established in 2008, and listed on the stock exchanges in 2012.
The government holds 73.84%, institutional investors 15.56%, foreign investors 2.75% and the general investors 7.85% share of the company, according to the Dhaka Stock Exchange.
It operates two submarine cable stations in Cox's Bazar and Kuakata.
