The July to September period of 2024 proved to be a turbulent time for the Bangladeshi business landscape, marked by political unrest, internet shutdowns, and severe flooding. Despite these significant challenges, Grameenphone, the leading telecom operator in Bangladesh, managed to post a 1.1% year-over-year (YoY) profit growth for the third quarter of 2024.
Revenue Impacted by Adverse Conditions
Grameenphone’s revenue for Q3 2024 declined by 3.8% YoY due to the difficult operating environment. The combination of political disturbances, restricted internet access, and flooding heavily impacted data services, a major revenue driver. As a result, data revenue fell by 17.3% YoY, amounting to Tk 11,000 million.
Key industry performance metrics also reflected the tough quarter. Average Revenue per User (ARPU) dropped by 7.3% YoY, while Average Minutes per User (AMPU) decreased by 5.8%. Additionally, data consumption per subscriber saw a significant decrease of 17.4% YoY.
Sustained Subscriber Growth Amid Challenges
Despite the challenging conditions in Q3 2024, Grameenphone achieved continued growth in its subscriber base, reaching 84.6 million, up from 82.0 million in Q3 2023. Notably, 49.3 million of these subscribers, representing 58.3% of the total base, are 4G or internet users. This positions Grameenphone as the leader in the country’s 4G subscriber market.
Read more: Grameenphone Announces Appointment of New Chief Corporate Affairs Officer
Stable Financial Performance in 9M 2024
Grameenphone maintained steady financial results during the first nine months of 2024, despite the challenges faced in Q3. Revenue increased by 2.2% year-over-year (YoY), totaling Tk 121,098.8 million for 9M 2024. Operating profit experienced a slight decline of 2.8% YoY to Tk 47,135.4 million due to higher operating expenses.
However, profit growth reached 8.6% YoY, driven by a significant reduction in financial expenses. Total financial expenses in 9M 2024 were Tk 3,419.9 million, marking a 58.1% decrease from Q3 2023. Overall, Grameenphone posted a profit of Tk 29,548.4 million for the nine-month period.
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