First Quarter 2023: Continued top line growth with strong EBITDA margin amidst a challenging macroeconomic environment

May 03 2023

[Dhaka, May 03, 2023] Grameenphone Ltd. reported total revenues of BDT 37.3 billion for first three months of 2023, registering a growth of 2.8% from the same period last year. In the first three months, the Company acquired 1 Mn new subscribers, reaching 80.1 Mn total subscribers at the end of the first quarter. 54.3% of Grameenphone’s total subscribers are using internet services declining by 0.2% from last quarter.

“Stepping into 2023, we leave a milestone year behind with Grameenphone celebrating its 25th year of service to its customers and empowering societies in Bangladesh. On 2nd Jan 2023 and after six months, the regulatory ban on sim sales was removed after regulator’s repeatedly evaluation of GP’s network strength and satisfaction. With the resumption of SIM sales our subscriber base has returned to growth, crossing the 80 million milestone.” said Yasir Azman, CEO of Grameenphone Ltd. “Our focus on continuous network investment has resulted in significant progress through spectrum & site rollout. We have doubled fiber connectivity and rolled out over 20,000 total sites. This lays the foundation for a future-ready data network that provides seamless connectivity across Bangladesh, delivering a superior network experience for our customers and building the number one network in the country. We have undertaken significant efforts to revamp our product portfolio, streamlining it to make it simpler and more effective for our customers. However, this was necessary to ensure our offerings are focused and effective, meeting our customers' evolving needs. Our ongoing modernization and transformation journey is starting to show results, benefiting us in building a future-fit company with the right mix of competency, capabilities, tools and partnerships, and will continue to serve as an enabler for our future growth.” He added.

“Grameenphone continued to deliver solid financial performance in Q1’23, with eight consecutive quarters of growth in topline & EBITDA amidst increasing challenges from inflation, hike in energy prices & diminishing foreign exchange reserve. Total revenue grew by 2.8% amounting to BDT 37.3 Bn for the quarter driven by 2.7% growth in daily subscription & traffic revenue. YoY data revenue grew by 14.2% driven by higher usage which was the key factor driving the growth in subscription and traffic revenue.” said Jens Becker, CFO of Grameenphone Ltd.

“Grameenphone's EBITDA increased by 2.7% in Q1’23 while maintaining a strong margin of 61%. Net profit for the quarter stood at 7.8 billion with a margin of 20.9%. YoY net profit growth was impacted by higher depreciation from spectrum acquisition last year, new sites rollout and higher finance cost.  Grameenphone invested 6.9Bn capex (excl. license, lease & ARO) during the quarter, focusing mainly towards 4G network, coverage expansion & spectrum deployment. The company has paid BDT 24.0 Bn equaling 64.1% of its total revenues, to the national exchequer in the form of taxes, VAT, duties, fees, 4G license and spectrum assignment during the first three months of 2023.”

Detailed financial statements are available at this link:


Tazriba Khurshid

Corporate Communications Manager


Phone: 8801711092233