2022: A resilient performance in the second half led to continued growth momentum supported by investment in network, strong market execution, innovation and modernization

Jan 31 2023

[Dhaka, January 31, 2023] Grameenphone Ltd. reported total revenues of BDT 150.4 billion (15,040.35 crore) for the fiscal year of 2022, registering a year-over-year growth of 5.1%. Due to a regulatory ban on the sale of sim cards during the second half of the year, the Company registered a 5.0% YoY lower subscriber base, reached 7.91 crore users at the end of 2022. 55% of Grameenphone’s total subscribers, or 4.36core, are using internet services, declining by 2.2% from the end of 2021.

“Grameenphone exhibited a resilient performance in the face of external hurdles in the fourth quarter of 2022, ending the year with continued topline growth momentum. The ongoing year-over-year growth was mainly driven by our increased investment in network and deployment of new spectrum, reaching the milestone of over 20K total sites and 19.6K 4G sites on our network. On 29th June 2022, the telecom regulator had imposed a ban on sale of our sim cards, which negatively affected our subscriber growth for the second half of the year. As a result of Grameenphone’s commitment to continue prioritizing customer experience and journey, data usage grew by 38.8% from last year, while 4G data users increased by 23.6% to 3.42 crore at the end of 2022, despite ending the year with a lower subscriber base. On 2nd January 2023, the regulator withdrew the ban on sim sales as a result of constructive dialog and engagement.” said Yasir Azman, CEO of Grameenphone Ltd. “In addition to strengthening our core, Grameenphone is leading in innovation and customer-oriented solutions through advanced mobile technology and capabilities along with partnerships. We have entered strategic partnerships with Google and Facebook and deployed solutions that provide seamless journey and convenience for customers. In partnership with bKash, we have enabled hassle-free automated payment features. These efforts combined have led to increased engagement from digital channels and growing customer adoption. We look forward to expanding services and scaling solutions for customers via our partnership with a2i and continue on our pivotal role in the digitalization and economic growth of the country”.

“Grameenphone reported an improving financial performance in 2022 driven by topline and EBITDA growth. Total revenues grew by 5.1% to BDT 150.4 Bn (15,040.35 crore) while subscription and traffic revenues grew by 5.5% for the full year. Investment in network and spectrum deployment contributed to growing usage in data and bundle segments, leading to seven consecutive quarters of YoY revenue growth despite a lower sub-base from the ban of sim sales.” said Jens Becker, CFO of Grameenphone Ltd. “Grameenphone also registered ongoing growth in EBITDA, supported by the growth in revenue and efficiency measures despite increasing pressure from the macroeconomic climate and rising inflationary costs. EBITDA for the full year grew by 4.8% with a margin of 62.4%. Net profit after tax for 2022 reached BDT 30.1 Bn (3,009.16 crore) with a margin of 20.0%. Net profit for Q422 was adversely impacted by FX loss and negative verdict of legacy litigation”.

The Board of Directors of Grameenphone Ltd. have recommended 9.5 BDT dividend per share final dividend for 2022 based on the decision taken at the Board Meeting held on 30 January 2023. With this, the total cash dividend stands at 220% of paid-up capital which represents 98.72% of Profit After Tax for the year 2022 (including 125% interim cash dividend). The Shareholders as of the record date of 26 February 2023 will be entitled for this final dividend, which is subject to the Shareholders’ approval at the 26th Annual General Meeting to be held on 02 May 2023. 

During the fourth quarter of 2022, Grameenphone Ltd invested BDT 5.0 Bn (500.4 crore) for network coverage and expansion. At the end of the quarter, Grameenphone’s total number of sites stood at 20,080. The company has paid BDT 104.3 Bn (10,427 crore), equaling 69.3% of its total revenues, to the national exchequer in the form of taxes, VAT, duties, fees, 4G license and spectrum assignment during 2022.  

Tazriba Khurshid
Corporate Communications Manager
Email: tazriba.khurshid@grameenphone.com
Phone: 8801711092233

Md Hasan,
Head of External Communications
Email: md.hasan@grameenphone.com
Phone: 8801711082469

About Grameenphone Ltd.
Grameenphone, part of the Telenor Group, is a leading telecommunications service provider in Bangladesh with 79.1 million subscribers. Since its inception in 1997, Grameenphone has built the largest cellular network in the country, covering over 99 percent of the country's population. With its brand promise to enable customers to "Go beyond," Grameenphone seeks to help customers get the full benefit of mobile data and voice services and provide Internet For All. Grameenphone is listed on the Dhaka Stock Exchange. www.grameenphone.com, www.facebook.com/grameenphone