9 Months 2023: Continued top line growth with strong EBITDA margin amidst a challenging macroeconomic environment

Oct 25 2023

[Dhaka, October 25, 2023] Grameenphone Ltd. reported total revenues of BDT 118.5 billion for first nine months of 2023, registering a growth of 4.9% from the same period last year. In the third quarter, the Company acquired 0.8 Mn new subscribers, reaching 82Mn total subscribers at the end of the first nine months. 57.9% of Grameenphone’s total subscribers, or 47.5Mn, are using internet services

“The third quarter of 2023 registered continued growth momentum in both revenue and EBITDA supported by data segment in a challenging macroeconomic environment. We continue to focus on meeting our customers unique needs through simplified data portfolio, personalized offers and advanced digital capabilities, which has driven higher data usage by customers” said Yasir Azman, CEO of Grameenphone Ltd. “Our efforts in network expansion and investment, transforming the user experience, has strengthened our position as the No.1 network in the country. While customers remain at the core of our business, ensuring health, safety and security remains a priority throughout our value chain” he added.

“Grameenphone’s continuous drive for operational excellence along with topline growth resulted in year-on-year 5.7% EBITDA growth in Q3, while maintaining a strong EBITDA margin at 61.9% amidst energy price hike, inflation, and other macroeconomic challenges. Total revenue year-on-year grew by 6.3% after 5.6% growth in the previous quarter. The growth in Total Revenue was mainly driven by 6% growth in Subscription & Traffic Revenue, which was 5.3% in the last quarter. Continued and improved double-digit growth in Data Revenue remains the main contributor to the accelerated topline growth. Net Profit After Tax for the third quarter stood at BDT 7.5 billion with a margin of 18.2%.” said Jens Becker, CFO of Grameenphone Ltd.

“During the quarter, Grameenphone invested 2.8 billion CAPEX (excluding license, lease and ARO), mainly focusing on 4G network coverage expansion and 2600 MHz spectrum deployment. 1,900+ new 4G sites and 1,700+ new coverage sites rolled out in the last 12 months. At the end of Q3, the number of 4G sites reached at 21K with 97.9% 4G population coverage. Grameenphone contributed BDT 95 billion to National Exchequer, equaling 80% of total revenue in the form of taxes, VAT, duties, licenses, and spectrum assignment fees during the first nine months of 2023.”

Detailed Financial Statements are available at: https://www.grameenphone.com/about/investor-relations/ir-financial-report