Kathmandu. Ncell Axiata Limited (Ncell Axiata), a multinational mobile service provider, has recorded business worth more than Rs 8 billion in the first three months of the current fiscal year. The company has a turnover of Rs 8.18 billion in the first six months of the current FY.

The company had a turnover of Rs 32.54 billion in the previous FY. Similarly, the company had a turnover of Rs 34.06 billion in 2024. The company had a turnover of Rs 37.44 billion in 2023 and Rs 39.72 billion in 2022.

Similarly, the company’s operating income (OBITDA÷OI) was up 49% in the first quarter. The company’s revenue was 50 percent in the last financial year, 54 percent in 2024, 53 percent in 2023 and 55 percent in 2022.

The company was established in 2001 as Spice Nepal Pvt. Ltd. After this, the company started providing telecommunication services in Nepal in 2005. Initially, this company used to provide telecommunication services under my mobile brand.

The company said it has also extended loans till the first quarter of the current fiscal year. The company has a debt rating of Rs 10.60 billion more than before. Ncell Axiata has rated a total of Rs 32 billion in long-term and short-term loans in the first quarter of the current fiscal year.

The company has a long-term debt rating of Rs 20 billion. ICRA Nepal has assigned ‘ICRA NP LA’ rating for this loan.  Similarly, the company has rated Rs 12 billion for short-term loan. ICRA has assigned ‘ICRA NP A1’ rating for the company’s short term loan. Prior to this, the company had a debt rating of Rs 22.60 billion.

Reynolds Holdings of West Indies owns 80 per cent stake in the company. The remaining 20 percent shares are held in the name of Sunivera Ventures.

The company has been serving under the ‘Ncell’ brand name since 2010 after European telecom giant TeliaSonera took ownership of Reynolds Holdings. The name of the company was changed to Ncell Private Limited in 2016. Axiata Group then bought Reynolds Holdings. After this, the name of the company was established as Ncell Axiata Limited.

In 2023, Axiata sold its wholly ownership in Reynolds to British company Spectrolite UK Limited. Spectralight is owned by Satish Lal Acharya, a Singaporean citizen of Nepali origin. However, due to the legal hurdles in Nepal, the process of transferring the ownership of Ncell’s Spectralight has not been completed. As a result, Ncell’s company name is still Ncell Axiata Limited.