Nepal Telecom (NTC) also known as Nepal Doorsanchar Company Limited has celebrated its 15th annual general meeting (AGM) today on Thursday, Poush 28, 2079BS (January 12, 2023). Held at Rastriya Sabha Griha (City Hall), Exhibition Road, Kathmandu, the meeting unanimously passed the proposal to pay a Rs 40 cash dividend per share to its investors.
Ntc’s AGM was attended by 91.6 percent of its shareholders. Likewise, 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 along with the balance sheet, profit and loss account, cash flow statement, and other details for the same FY.
Similarly, according to the consultation of the Auditor General’s office and the recommendation of the audit committee of the company, Chartered Accountant Mahesh Kumar Guragai and Chartered Accountant Piyush Anand have been appointed auditors to audit the accounts of the company for 2079/80, and the remuneration has also been fixed.
During the occasion, the chairman of the company’s board of directors and the secretary of the Ministry of Communication and Information Technology (MoCIT), Dr. Baikuntha Aryal, presented the company’s 15th annual report of the company. He also welcomed the shareholders present at the general meeting. Presenting the report, he said that the company achieved relative success amid the covid-19 epidemic and its effects. He expressed commitment to improving the quality of the service by using the latest and cutting-edge technology that is being developed in the world market of the telecommunication sector.
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Ntc helping to realize the Digital Nepal goals- Company chairman Mr. Aryal said at the 15th Annual General Meeting of Nepal Telecom
He likewise added that in the current environment of intense competition in the telecommunication sector, the company has been working by prioritizing service over profit, expanding and distributing state-of-the-art telecommunication services in geographically adverse and remote areas, supporting the concept of the government to establish a digital Nepal, playing a supporting role in the field of electronic governance, and building an information highway through the optical fiber.
The chairman said, “In 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 billion 47 million net profit during the same period. This profit an increase of Rs. 1 billion 35 million more in comparison to the 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 revenue. Appreciating the contribution and investment of the shareholders in the profit of the company, the board of directors of the company decided to pay Rs 40. It has been decided to submit the proposal to distribute Rs 40 dividends per share at the meeting for approval.”
Also read: NTC Profit Increased by 18%, Reaches 8 Billion in FY 078/79
The company continues to accelerate its service expansion
In order to increase the quality and efficiency of information technology, which has now become a basic requirement for every citizen, industry, business, and government sector, the company has accelerated the expansion of VoLTE which is based on 4G LTE, and FTTH service, necessary infrastructure construction, and upgrading and distribution. As a result, the company said that 735 local levels of the country gained access to advanced telecom services.
He mentioned that telecommunication services have now expanded further. The number of 2G users is still significant. But the company has continuously expanded high quality 4G network and the majority of its customers are now using it.
Mr. Aryal also said that the company’s work has progressed towards starting its 5G network trial in the near future.
The chairman of the board of directors of the company further said – “In order to develop the company as a competent organization in the competitive market of telecommunications, 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 and to restructure the company. As per the policy of investing in various sectors to obtain 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 diversifying investments in accordance with the company’s investment policy, adopting the principle of frugality by maintaining financial discipline and paying special attention to improving the quality of the company’s services.
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Will bring affordable data packs and other VAS as voice service demand falters
The demand for voice service is decreasing all around the world and Nepal is no exception. So, it will give a special emphasis on improving the quality of data service and making it cost-effective, improving voice services, including cooperation with partner organizations, and expanding value-added services and content-based services that will receive full support as usual from employees, regulatory bodies, and shareholders.
He also provided information about the current and new projects of the company. It comprised progress on Wireline, Wireless, Information Technology and Billing, and Backbone transmission projects.
The chairman of the company expressed his commitment to implement the various suggestions the shareholders raised in the 15th general meeting of Ntc as far as possible in a practical manner. He also extended his gratitude for the suggestions.
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The dividend amount passed by the meeting will be distributed to the shareholders from today Poush 28, 2079 through NMB Bank.
