Robi, the second-largest telecom company in Bangladesh, achieved substantial profit growth in Q3 2024, despite challenges like political unrest, internet shutdowns, and severe flooding. The company reported a profit of Tk 1,886.8 million for the quarter.
Revenue Decline Amid Adversity
Robi’s revenue saw a 2.7% year-on-year decline, primarily due to political unrest and the subsequent internet shutdown lasting almost a month. As internet services are now a major revenue driver, this led to a 10.5% year-on-year drop in data revenue and a 1.53% decrease from Q2 2024. Average Revenue per User (ARPU) fell to Tk 141 in Q3 2024 from Tk 149 in Q3 2023.
However, Average Minutes per User (AMPU) rose to 157 minutes from 153 minutes over the same period. MB usage per subscriber declined by 5.6% year-on-year and dropped 12.6% from Q2 2024, largely due to the prolonged internet shutdown.
Steady Subscriber Growth Despite Challenges
Despite the difficulties in Q3 2024, Robi’s subscriber base grew to 57.9 million from 57.6 million in Q3 2023. Internet subscribers now account for 76.7% of the total, with 44.4 million users, and 4G users increased by 8.3% year-on-year, from 34.2 million in Q3 2023 to 37.0 million in Q3 2024.
Significant Profit Growth in Q3 and 9M of 2024
Robi achieved a 27.1% year-on-year growth in operating profit, despite declining revenue, by effectively managing operating expenses. Operating profit for Q3 2024 stood at Tk 6,113.6 million, with the company recording a net profit of Tk 1,886.8 million, largely due to reduced operating expenses and foreign exchange losses.
For the first nine months of 2024, Robi sustained its growth trajectory, posting an operating profit of Tk 16,084.7 million—a 39.1% increase from 9M 2023—and a net profit of Tk 4,028.3 million. Robi’s profit margin rose to 5.3% in 9M 2024 from 2.3% in 9M 2023, marking the highest profit margin achieved in the last four years.
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