DSE : GP
Grameenphone Ltd. — Financial statements
Radiotelephone Communications · Bangladesh
Last price 237.3 BDT (At close: Oct 29, 2026) · Market cap 320.43B
Latest research: Grameenphone valuation report: fair value BDT 91.7–341 (Oct 2026) · Grameenphone's near-100% payout matches its cash flow, but ten years of flat ARPU and a BDT 75bn spectrum bill leave little room for growth
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Financial statements
Grameenphone Ltd. (GP) reported revenue of 156.07B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 156.07B | 158.06B | 158.45B | 158.72B | 150.40B | 143.07B |
| Cost of Revenue | 38.93B | 38.62B | 37.45B | 36.43B | 21.93B | 23.82B |
| Gross Profit | 117.15B | 119.43B | 121.00B | 122.29B | 128.47B | 119.25B |
| Selling, General & Admin | 16.32B | 16.60B | 16.51B | 15.65B | 28.93B | 24.91B |
| Other Operating Expenses | 10.17B | 10.30B | 10.57B | 9.43B | 6.41B | 5.31B |
| Operating Expenses | 62.37B | 63.18B | 61.63B | 57.40B | 63.23B | 53.24B |
| Operating Income | 54.77B | 56.25B | 59.37B | 64.89B | 65.24B | 66.01B |
| Interest Expense | -7.13B | -6.73B | -5.40B | -5.38B | -3.71B | -2.58B |
| Interest & Investment Income | 573.88M | 638.18M | 715.73M | 352.91M | 156.85M | 147.88M |
| Currency Exchange Gain (Loss) | -84.72M | -767.62M | -599.39M | -721.27M | -1.43B | 80.57M |
| Other Non Operating Income (Expenses) | -207.84M | -277.40M | -200.41M | -4.26B | -6.53B | -56.49M |
| EBT Excluding Unusual Items | 47.92B | 49.12B | 53.88B | 54.88B | 53.72B | 63.60B |
| Merger & Restructuring Charges | -8.08M | -48.74M | -6.88M | -403.29M | -1.73B | -2.95B |
| Gain (Loss) on Sale of Assets | 336.28M | 150.56M | -331.75M | -150.39M | 4.16M | 167.98M |
| Pretax Income | 48.25B | 49.22B | 53.54B | 54.32B | 51.99B | 60.82B |
| Income Tax Expense | 19.60B | 19.64B | 17.23B | 21.25B | 21.90B | 26.69B |
| Net Income | 28.65B | 29.58B | 36.31B | 33.07B | 30.09B | 34.13B |
| Net Income to Common | 28.65B | 29.58B | 36.31B | 33.07B | 30.09B | 34.13B |
| Shares Outstanding (Basic) | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B |
| Shares Outstanding (Diluted) | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B |
| EPS (Basic) | 21.22 | 21.90 | 26.89 | 24.49 | 22.29 | 25.28 |
| EPS (Diluted) | 21.22 | 21.90 | 26.89 | 24.49 | 22.29 | 25.28 |
| Free Cash Flow | 38.39B | 47.54B | 41.47B | 36.74B | 42.03B | 38.76B |
| Free Cash Flow Per Share | 28.43 | 35.21 | 30.71 | 27.21 | 31.12 | 28.71 |
| Dividend Per Share | 21.00 | 21.50 | 33.00 | 12.50 | 22.00 | 25.00 |
| Gross Margin | 75.06% | 75.56% | 76.37% | 77.05% | 85.42% | 83.35% |
| Operating Margin | 35.09% | 35.59% | 37.47% | 40.88% | 43.37% | 46.14% |
| Profit Margin | 18.36% | 18.71% | 22.91% | 20.84% | 20.01% | 23.86% |
| Free Cash Flow Margin | 24.60% | 30.08% | 26.17% | 23.15% | 27.94% | 27.10% |
| EBITDA | 59.23B | 71.55B | 73.86B | 78.53B | 78.45B | 77.71B |
| EBITDA Margin | 37.95% | 45.27% | 46.62% | 49.48% | 52.16% | 54.32% |
| D&A For EBITDA | 4.46B | 15.30B | 14.50B | 13.64B | 13.21B | 11.69B |
| EBIT | 54.77B | 56.25B | 59.37B | 64.89B | 65.24B | 66.01B |
| EBIT Margin | 35.09% | 35.59% | 37.47% | 40.88% | 43.37% | 46.14% |
| Effective Tax Rate | 40.62% | 39.91% | 32.19% | 39.12% | 42.12% | 43.89% |
| Advertising Expenses | 1.82B | 1.81B | 1.80B | 1.44B | 1.36B |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.80B | 6.76B | 7.33B | 16.72B | 3.33B | 2.75B |
| Cash & Short-Term Investments | 6.80B | 6.76B | 7.33B | 16.72B | 3.33B | 2.75B |
| Accounts Receivable | 8.29B | 4.92B | 4.77B | 5.78B | 5.97B | 4.86B |
| Other Receivables | 1.02B | 1.94B | 1.87B | 1.35B | 1.53B | |
| Receivables | 8.29B | 5.94B | 6.71B | 7.66B | 7.32B | 6.40B |
| Inventory | 397.71M | 323.91M | 407.65M | 591.45M | 1.09B | 260.23M |
| Prepaid Expenses | 717.36M | 1.16B | 336.73M | 358.32M | 460.21M | |
| Total Current Assets | 15.49B | 13.74B | 15.61B | 25.30B | 12.09B | 9.87B |
| Property, Plant & Equipment | 139.46B | 134.47B | 146.05B | 143.11B | 143.35B | 122.92B |
| Other Intangible Assets | 4.98B | 4.86B | 4.77B | 4.40B | 4.02B | 3.63B |
| Long-Term Deferred Tax Assets | 7.48B | 6.09B | 1.46B | |||
| Long-Term Deferred Charges | 12.16B | 11.53B | 10.44B | 7.14B | 5.15B | 6.04B |
| Other Long-Term Assets | 20.65B | 20.62B | 20.53B | 20.47B | 20.47B | 20.55B |
| Total Assets | 200.22B | 191.32B | 198.85B | 200.42B | 185.09B | 163.01B |
| Accounts Payable | 36.28B | 6.14B | 8.69B | 12.42B | 12.80B | 12.46B |
| Accrued Expenses | 11.79B | 11.86B | 10.60B | 9.63B | 7.92B | |
| Short-Term Debt | 3.00B | 7.00B | 5.00B | 3.12B | 5.04B | 5.50B |
| Current Portion of Leases | 10.85B | 11.36B | 11.11B | 10.01B | 10.85B | 9.45B |
| Current Income Taxes Payable | 14.31B | 14.13B | 12.77B | 19.46B | 23.78B | 25.60B |
| Current Unearned Revenue | 8.63B | 8.16B | 6.86B | 5.11B | 5.44B | |
| Other Current Liabilities | 30.17B | 27.24B | 26.72B | 29.72B | 25.73B | 18.86B |
| Total Current Liabilities | 94.62B | 86.30B | 84.31B | 92.20B | 92.93B | 85.24B |
| Long-Term Leases | 55.16B | 48.30B | 48.85B | 40.21B | 41.05B | 22.68B |
| Pension & Post-Retirement Benefits | 449.44M | 52.66M | 395.84M | 384.47M | 1.34B | 1.34B |
| Long-Term Deferred Tax Liabilities | 479.37M | 3.06B | 3.43B | |||
| Other Long-Term Liabilities | 611.73M | 648.71M | 546.13M | 456.24M | 496.32M | 455.31M |
| Total Liabilities | 150.84B | 135.30B | 134.11B | 133.73B | 138.88B | 113.13B |
| Common Stock | 13.50B | 13.50B | 13.50B | 13.50B | 13.50B | 13.50B |
| Additional Paid-In Capital | 7.84B | 7.84B | 7.84B | 7.84B | 7.84B | 7.84B |
| Retained Earnings | 28.02B | 34.66B | 43.38B | 45.33B | 24.85B | 28.52B |
| Comprehensive Income & Other | 14.45M | 14.45M | 14.45M | 14.45M | 14.45M | 14.45M |
| Shareholders' Equity | 49.38B | 56.02B | 64.74B | 66.69B | 46.21B | 49.88B |
| Total Liabilities & Equity | 200.22B | 191.32B | 198.85B | 200.42B | 185.09B | 163.01B |
| Total Debt | 69.02B | 66.66B | 64.97B | 53.34B | 56.94B | 37.62B |
| Net Cash (Debt) | -62.22B | -59.90B | -57.63B | -36.62B | -53.61B | -34.87B |
| Net Cash Per Share | -46.07 | -44.36 | -42.68 | -27.12 | -39.70 | -25.83 |
| Filing Date Shares Outstanding | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B |
| Total Common Shares Outstanding | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B | 1.35B |
| Working Capital | -79.13B | -72.56B | -68.70B | -66.89B | -80.84B | -75.37B |
| Book Value Per Share | 36.58 | 41.49 | 47.95 | 49.39 | 34.22 | 36.94 |
| Tangible Book Value | 44.40B | 51.16B | 59.97B | 62.29B | 42.19B | 46.25B |
| Tangible Book Value Per Share | 32.88 | 37.89 | 44.41 | 46.13 | 31.24 | 34.25 |
| Land | 1.30B | 1.24B | 1.24B | 1.23B | 1.07B | |
| Buildings | 4.01B | 3.93B | 4.12B | 4.10B | 4.06B | |
| Machinery | 204.10B | 195.09B | 197.84B | 183.25B | 167.85B | |
| Construction In Progress | 3.07B | 3.49B | 4.17B | 4.68B | 7.29B |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 28.65B | 29.58B | 36.31B | 33.07B | 30.09B | 34.13B |
| Depreciation & Amortization | 33.95B | 34.46B | 33.02B | 31.01B | 26.86B | 22.32B |
| Other Amortization | 1.83B | 1.83B | 1.53B | 1.31B | 1.04B | 700.94M |
| Loss (Gain) From Sale of Assets | -329.43M | -150.56M | 331.75M | 150.39M | -4.16M | -167.98M |
| Other Operating Activities | -3.30B | -4.32B | -10.00B | -7.11B | 168.57M | -339.19M |
| Change in Accounts Receivable | -1.64B | 415.61M | 921.65M | -368.74M | -764.36M | 272.48M |
| Change in Inventory | 74.82M | 83.75M | 183.79M | 496.94M | -828.16M | -59.16M |
| Change in Accounts Payable | 4.82B | -1.23B | -1.24B | 1.56B | 1.56B | 1.36B |
| Change in Other Net Operating Assets | 2.29B | 908.58M | 930.76M | 477.22M | 5.69B | -397.13M |
| Operating Cash Flow | 66.35B | 61.57B | 61.99B | 60.60B | 63.81B | 57.81B |
| Capital Expenditures | -19.17B | -14.03B | -20.52B | -23.86B | -21.79B | -19.05B |
| Sale of Property, Plant & Equipment | 289.01M | 285.59M | 255.36M | 263.71M | 214.93M | 265.25M |
| Investing Cash Flow | -18.88B | -13.74B | -20.26B | -23.60B | -21.57B | -18.79B |
| Short-Term Debt Issued | 2.00B | 1.78B | 4.26B | |||
| Total Debt Issued | -7.00B | 2.00B | 1.78B | 4.26B | ||
| Short-Term Debt Repaid | -2.32B | -462.61M | ||||
| Long-Term Debt Repaid | -12.66B | -10.86B | -12.38B | -7.92B | -4.96B | |
| Lease Payments | -12.26B | -12.66B | -10.86B | -12.38B | -7.92B | -4.96B |
| Total Debt Repaid | -16.26B | -12.66B | -10.86B | -14.70B | -8.38B | -4.96B |
| Net Debt Issued (Repaid) | -23.26B | -10.66B | -9.09B | -14.70B | -8.38B | -699.91M |
| Common Dividends Paid | -28.35B | -37.78B | -42.32B | -9.09B | -33.58B | -38.06B |
| Other Financing Activities | -9.27M | -39.02M | -24.41M | -13.79M | -15.48M | -119.69M |
| Financing Cash Flow | -51.63B | -48.47B | -51.43B | -23.80B | -41.98B | -38.88B |
| Foreign Exchange Rate Adjustments | 33.19M | 66.50M | 317.03M | 193.48M | 318.86M | -69.00K |
| Net Cash Flow | -4.13B | -574.94M | -9.38B | 13.39B | 577.26M | 149.92M |
| Free Cash Flow | 47.18B | 47.54B | 41.47B | 36.74B | 42.03B | 38.76B |
| Free Cash Flow Margin | 30.21% | 30.08% | 26.17% | 23.15% | 27.94% | 27.10% |
| Free Cash Flow Per Share | 34.93 | 35.21 | 30.71 | 27.21 | 31.12 | 28.71 |
| Levered Free Cash Flow | 52.72B | 54.25B | 37.20B | 47.87B | 49.67B | 45.03B |
| Unlevered Free Cash Flow | 57.26B | 58.45B | 40.58B | 51.23B | 51.99B | 46.64B |
| Free Cash Flow After Leases | 34.91B | 34.89B | 30.61B | 24.36B | 34.11B | 33.80B |
| Cash Interest Paid | 5.09B | 5.09B | 4.49B | 4.67B | 2.76B | 2.15B |
| Cash Income Tax Paid | 22.59B | 22.59B | 26.01B | 28.30B | 24.09B | 25.95B |
| Change in Working Capital | 5.54B | 177.52M | 795.31M | 2.17B | 5.66B | 1.18B |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 322.05B | 348.24B | 436.28B | 387.00B | 387.00B | 471.93B |
| Enterprise Value | 390.28B | 413.65B | 495.29B | 433.80B | 429.86B | 511.26B |
| Last Close Price | 238.50 | 237.42 | 272.88 | 221.08 | 213.75 | 241.11 |
| PE Ratio | 11.24 | 11.77 | 12.02 | 11.70 | 12.86 | 13.83 |
| Forward PE | 9.66 | 9.12 | 11.19 | 9.58 | 10.61 | 12.08 |
| PS Ratio | 2.06 | 2.20 | 2.75 | 2.44 | 2.57 | 3.30 |
| PB Ratio | 5.75 | 6.22 | 6.74 | 5.80 | 8.38 | 9.46 |
| P/TBV Ratio | 6.30 | 6.81 | 7.28 | 6.21 | 9.17 | 10.21 |
| P/FCF Ratio | 8.39 | 7.33 | 10.52 | 10.53 | 9.21 | 12.18 |
| P/OCF Ratio | 5.83 | 5.66 | 7.04 | 6.39 | 6.07 | 8.16 |
| PEG Ratio | 0.71 | 0.71 | 0.71 | 1.56 | 1.56 | |
| EV/Sales Ratio | 2.50 | 2.62 | 3.13 | 2.73 | 2.86 | 3.57 |
| EV/EBITDA Ratio | 4.98 | 5.78 | 6.71 | 5.52 | 5.48 | 6.58 |
| EV/EBIT Ratio | 7.13 | 7.35 | 8.34 | 6.68 | 6.59 | 7.75 |
| EV/FCF Ratio | 10.17 | 8.70 | 11.94 | 11.81 | 10.23 | 13.19 |
| Debt / Equity Ratio | 1.42 | 1.19 | 1.00 | 0.80 | 1.23 | 0.75 |
| Debt / EBITDA Ratio | 1.02 | 0.73 | 0.70 | 0.56 | 0.62 | 0.43 |
| Debt / FCF Ratio | 2.08 | 1.40 | 1.57 | 1.45 | 1.35 | 0.97 |
| Net Debt / Equity Ratio | 1.22 | 1.07 | 0.89 | 0.55 | 1.16 | 0.70 |
| Net Debt / EBITDA Ratio | 1.15 | 0.84 | 0.78 | 0.47 | 0.68 | 0.45 |
| Net Debt / FCF Ratio | 1.78 | 1.26 | 1.39 | 1.00 | 1.28 | 0.90 |
| Asset Turnover | 0.77 | 0.81 | 0.79 | 0.82 | 0.86 | 0.92 |
| Inventory Turnover | 85.98 | 105.59 | 74.97 | 43.37 | 32.53 | 103.26 |
| Quick Ratio | 0.20 | 0.15 | 0.17 | 0.26 | 0.12 | 0.11 |
| Current Ratio | 0.22 | 0.16 | 0.18 | 0.27 | 0.13 | 0.12 |
| Return on Equity (ROE) | 50.72% | 48.98% | 55.25% | 58.59% | 62.63% | 66.93% |
| Return on Assets (ROA) | 16.88% | 18.02% | 18.59% | 21.04% | 23.43% | 26.52% |
| Return on Invested Capital (ROIC) | 27.47% | 28.37% | 35.68% | 38.90% | 40.91% | 47.50% |
| Return on Capital Employed (ROCE) | 48.00% | 53.60% | 51.80% | 60.00% | 70.80% | 84.90% |
| Earnings Yield | 8.90% | 8.49% | 8.32% | 8.55% | 7.78% | 7.23% |
| FCF Yield | 11.92% | 13.65% | 9.51% | 9.49% | 10.86% | 8.21% |
| Dividend Yield | 8.80% | 8.34% | 10.21% | 4.36% | 7.68% | 7.15% |
| Payout Ratio | 101.27% | 127.72% | 116.55% | 27.49% | 111.61% | 111.51% |
| Total Shareholder Return | 8.80% | 8.34% | 10.21% | 4.36% | 7.68% | 7.15% |