Grameenphone Ltd reported a total revenue of Tk39.5 billion for the third quarter of 2024, reflecting a 3.8% decrease compared to the same period last year.
The company recorded a total subscriber base of 84.6 million by the close of the quarter, with 58.3% of these subscribers—equivalent to 49.3 million—utilising internet services, said a press release.
Commenting on the quarter’s results, Yasir Azman, chief executive officer of Grameenphone, remarked, “As we all know, this quarter has been particularly challenging for us, testing our resilience across various fronts—economically, politically, and through natural disasters. Despite these difficulties, we have achieved well-managed financial and operational trends while maintaining our investment in strategic growth areas. During this crisis, we guided our customers on how to recharge their mobile phone accounts, access emergency balances, and obtain vital information about available services, helping them navigate through these challenging circumstances.”
Azman further noted the company’s commitment to sustainable procurement, which extends beyond its internal operations to encompass its supply chain partners.
“As of September 2024, a staggering 72% of our total spending on suppliers is with companies committed to reducing their carbon footprint. Our services are fundamental, and as the industry leader, we must collaborate closely with government institutions and policymakers to foster a more sustainable, pro-investment environment that encourages innovation, addresses customer needs, and ensures we can compete fairly and effectively in the rapidly evolving digital landscape,” he added.
Otto Risbakk, chief financial officer of Grameenphone, reflected on the resilience demonstrated by the company’s business.
“This quarter allowed us to test the resilience of our business. Q3 began with a positive trend, but several days of unrest and internet shutdowns, along with unprecedented floods in several regions, have significantly impacted the economy and our business. Despite these events, our revenue declined only 3.8% to Tk39.5 billion, while EBITDA reached a solid Tk23.2 billion, down by 8.7%. It is remarkable that even in this challenging environment, we were able to achieve an EBITDA margin of 58.7% and an operating cash flow margin of nearly 49%," he said.
He added, "Thanks to our strong cash flow and solid balance sheet, we are able to adopt a long-term perspective regarding investments and innovation, while also maintaining an attractive shareholder remuneration policy. Our well-invested and diversified business positions us to continue generating solid cash flow in the future."
