Grameenphone Limited reported revenue of BDT 39.5 billion in the third quarter of 2024 (July-September), marking a 3.8% decline compared to the same period last year. However, the company’s customer base reached 84.6 million, with 58.3% of them—approximately 49.3 million—actively using internet services.
CEO Yasir Azman commented, “This quarter has been particularly challenging due to a unique combination of economic, political, and natural adversities, testing our resilience. Despite these hurdles, we maintained steady financial and operational performance by continuing our investments in strategic growth areas. In this time of crisis, we also provided customers with mobile account recharge support, emergency balance options, and essential information to help them navigate these challenging circumstances.”
He further noted that the company’s sustainable procurement strategy extends beyond its own operations and incorporates its supply chain partners, who actively implement sustainable practices. “As of September 2024, 72% of our total procurement expenditure was allocated to companies committed to reducing carbon emissions,” Azman explained. “As an industry leader providing essential services, we must work closely with government agencies and policymakers to foster a more sustainable, investment-friendly environment that supports innovation, meets customer needs, and ensures fair and effective competition in the rapidly evolving digital landscape.”
Grameenphone’s Chief Financial Officer, Otto Risback, echoed these sentiments, stating, “This quarter provided an opportunity to assess the stability of our business. While we started the quarter on a positive trend, economic instability, internet shutdowns, and unprecedented flooding in several regions heavily impacted both the economy and our business. Despite these factors, our revenue decline was limited to 3.8%, resulting in total revenue of BDT 39.5 billion, while EBITDA decreased by 8.7% to BDT 23.2 billion. Notably, we achieved an EBITDA margin of 58.7% and an operating cash flow margin of nearly 49%, underscoring our operational strength. This robust cash flow and strong balance sheet enable us to pursue long-term investment and innovation opportunities, along with attractive dividend policies for our shareholders. Our planned investments and diversified business approach will continue to support stable cash flow in the future.”
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