•      Mon Feb 26 2024

Nepal Telecom to distribute 40% cash dividend to shareholders

Nepal Telecom’s Chairman and Secretary at the Ministry of Information Technology Mr Baikuntha Aryal (left) inaugurating the AGM in Kathmandu. (Photo: NT)

Kathmandu: Nepal Telecom will be distributing 40% cash dividend to the shareholders from the profit amount of the financial year 2078/79 BS. The fifteenth annual general meeting of the company held today has unanimously passed the proposal to distribute cash dividend to the shareholders.

The meeting discussed and approved the annual report of the board of directors for the financial year 2078/79 BS and the auditor’s report along with the balance sheet, profit and loss account, cash flow statement and other schedules for the financial year 2078/79.

Similarly, the General Assembly appointed Chartered Accountants Mahesh Kumar Guragai and Piyush Anand as auditors to audit the accounts of the company for the year 2079/80BS in accordance with the consultation of the Auditor General’s office and the recommendation of the company’s audit committee and also fixed the remuneration.

On the same occasion, Dr. Baikuntha Aryal, Chairman of the Company’s Board of Directors and Secretary at the Ministry of Communication and Information Technology, presented the report and mentioned that the company has achieved relative success in the midst of the Covid-19 pandemic and its effects.

He said, “In the financial year 2078-79, amidst the various adversities seen in the internal and external environment, the company has managed to make a net profit of Rs. 8.47 billion with a total revenue of Rs. 44.37 billion. This profit is one billion 35 million rupees more than last year, in this year the company has submitted 59.52 percent of its total income for taxes and fees to the government of Nepal as revenue of 26 billion 41 million rupees.

Chairman Aryal said that to make the information technology, which is being established as a basic need for every citizen, industry, business and government sector, more quality and effective, the company has accelerated the expansion of Volte service and FTTH service based on 4G LTE technology, construction of necessary infrastructure and upgrading and distribution. He mentioned that access to state-of-the-art telecommunication services has been expanded.