The 15th Annual General Meeting of Nepal Telecom (NTC) has been held in Kathmandu on Thursday, Poush 28, 2079 BS (January 12, 2023). Also called Nepal Doorsanchar Company Limited, it hosted its AGM event at Rastriya Sabha Griha, Exhibition Road, Kathmandu, passing unanimously the proposal to pay a Rs 40 cash dividend per share to its investors.
The event had the presence of 91.6 percent of its shareholders. The meeting also unanimously approved the annual report of the board of directors for the fiscal year (FY) 2078/79 and the auditor’s report, balance sheet, profit and loss account, cash flow statement, and other schedules.
Auditors appointed for FY 2079/80
Similarly, according to the consultation of the Office of Auditor General and the recommendation of the audit committee of the company, Chartered Accountant Mahesh Kumar Guragai and Chartered Accountant Piyush Anand have been appointed new auditors to audit the accounts of the company for 2079/80. The wages have also been fixed.
During the event, Dr. Baikuntha Aryal, the chairman of the company’s board of directors and the Secretary of the Ministry of Communication and Information Technology (MoCIT) presented Ntc’s 15th annual report and welcomed the shareholders at the AGM. While presenting the report, Mr. Aryal gave an outlook into the financial output of the company in FY 2078/79 BS. He said that the company achieved relative success despite the covid-19 outbreak and suffering its effects. He also expressed his commitment to continue improving the quality of the service by using the advanced technology being developed in the telecommunication sector of the world.
He added that in the intense competition in the telecommunication sector, the company has prioritized service over profit, expanding and distributing advanced telecommunication services in remote areas. The company is supporting the idea of the Nepal government to create a digital Nepal, supporting its role in the field of electronic governance, and building an information highway through the optical fiber.
The company earned Rs 8.41 billion net profit in FY 2078/79: Ntc Charman Aryal Shares at the 15th Annual General Meeting of Nepal Telecom
The chairman said, “During the financial year 2078-79, amid various adversities in the internal and external environment, the company spent a total of Rs. 44 billion 37 crore revenue. The company earned Rs. 8.47 billion in net profit in FY 2078/79 BS, an increase of Rs. 1 billion 35 million more compared to last year. In the current FY, the company collected 59.52 percent of its total income from taxes and fees. The company filed Rs. 26 billion 41 crores to the government of Nepal (GoN) as its revenue.”
He said that “appreciating the contribution and investment of the shareholders, the company’s board of directors decided to pay Rs 40 cash dividend per share. Likewise, the proposal to distribute Rs 40 dividends per share has been submitted to this meeting for approval.”
735 local levels have access to advanced telecom services
In order to increase the quality and efficiency of information technology, a basic need for every citizen, industry, business, and government sector, the company has speeded up the expansion of VoLTE, and FTTH service, infrastructure construction, and upgrading and distribution. The company said that 735 local levels of the country now have established access to state-of-the-art telecom services.
He shared that the company has further expanded its telecommunication services. The number of 2G users still remains significantly high however, the company has continuously expanded its high-quality 4G network, and currently, the majority of its subscribers are now using it.
Mr. Aryal also said that with the approval from NTA, Ntc has progressed towards starting the company’s 5G test soon.
The chairman further said – “To develop the company as a competent organization in the intense telecommunications market, special attention has been paid to improve the decision-making process, working style, and institutional structure of the company by making the policy rules more practical and timely, to advance the company as a change-oriented and dynamic organization. As per the policy of the company to invest in various sectors to receive high returns and minimize risks, the company is identifying short-term, medium-term, and long-term investment areas.
Chairman Mr. Aryal also expressed his commitment to strengthening the financial situation of the company by expanding investments as per the company’s investment policy, implementing the principle of frugality by maintaining financial discipline and paying special attention to improving the quality of the company’s services.
Will improve data services as voice sees fewer demands
The chief also said that the company will focus more on improving the quality of its data services amidst decreasing demands for voice as seen all over the world. The company will give more priority to making its data services more cost-effective, improving voice services, including cooperation with partner organizations, and expanding value-added services (VAS) and content-based services.
He shared information about the company’s current and new projects in wireline, wireless, information technology, and billing, and backbone transmission.
Later, the chairman expressed his commitment to implementing suggestions in a practical manner that were raised by the shareholders at the general meeting. He also expressed his gratitude for the suggestions.
The company will distribute the dividend amount as passed by the general meeting from Poush 28, 2079 through NMB Bank.