A resilient performance led to continued growth momentum supported by network investment and strategic execution amidst a challenging macroeconomic backdrop

Feb 06 2024

[Dhaka, February 6, 2024] Grameenphone Ltd. reported total revenue of BDT 158.7 billion for the year 2023, registering a growth of 5.5% from the same period last year. In the fourth quarter, subscriber base remained flat at 82 Mn. 56.9% of Grameenphone’s total subscribers, or 46.6Mn, are using internet services.

“The fourth quarter of 2023 registered continued growth momentum in both revenue and EBITDA whilst navigating external challenges and strengthening core services. Keeping customer centricity and personalization at the core, we have strategically deployed spectrum and constantly enhanced our network capabilities. We have prioritized the needs of our customers to provide a seamless user experience to continue to be the most reliable connectivity partner in the country with increased focus on digital capabilities; we have observed increased interaction of our customer at our digital touchpoints”, said Yasir Azman, Chief Executive Officer (CEO) of Grameenphone Ltd . “At Grameenphone, we believe that our responsibility extends beyond just our business operations. We are deeply committed to building a sustainable future and making a positive difference in the communities we serve, at the same time in this quarter we have brought in new IoT products to contribute to our customers’ easier, safer, healthier, and happier life.” he added.

“In Q4, Grameenphone maintained its strong financial performance and commitment to invest in improved network and customer centric solutions, I am particularly pleased that we managed to grow topline and EBITDA for the eleventh straight quarter despite rising inflation and macroeconomic challenges while also expanding our network leadership. In Q4, we realized a solid year-on-year 6.9% growth in subscription and traffic revenue compared to 6.0% in the previous quarter. Grameenphone delivered double-digit growth in Data Revenue for five consecutive quarters. Supported by the strong top line development and sound financial discipline, profit for the quarter stood at 5.9 billion, a year-on-year 58.2% growth.” said Otto Risbakk, Chief Financial Officer (CFO) of Grameenphone Ltd .

“In Q4, Grameenphone invested 3.2 billion CAPEX (excluding license, lease and ARO) focusing mainly towards 4G network & fiber connectivity expansion, along with 2600 MHz spectrum deployment to ensure enhanced network experience for our customers. Grameenphone rolled out more than 1,600 new 4G sites which included 1,400 new coverage sites in the last 12 months. At the end of Q4’23, Grameenphone’s 4G sites reached more than 21,200 with 97.9% 4G population coverage. In the year 2023, Grameenphone contributed BDT 122 billion to the National Exchequer, equaling 77% of Grameenphone’s total revenue in the form of taxes, VAT, duties, licenses, and spectrum assignment fees.”

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