Grameenphone (GP), Bangladesh’s largest telecom operator, has reported a 10% year-on-year profit growth for 2024, leading to a higher cash dividend recommendation than the previous year.

According to a Dhaka Stock Exchange (DSE) disclosure, the company posted a profit of Tk 3,630 crore, with earnings per share (EPS) rising to Tk 26.89 from Tk 24.49 in 2023. GP’s net operating cash flow per share also increased to Tk 45.91, up from Tk 44.88 in the previous year.

In response to the earnings, the GP board has proposed a 170% final cash dividend, bringing the total dividend for 2024 to 330%, equivalent to 122.73% of the year’s profit. This includes a 160% interim dividend already distributed. GP had paid a 125% dividend in 2023.

Following the announcement, GP shares rose 0.24% to Tk 337.8 in mid-day trading at the DSE.

Despite the annual profit growth, GP’s fourth-quarter earnings declined by 13% year-on-year to Tk 740 crore, impacted by weak macroeconomic conditions and high inflation.