Grameenphone has reported a modest year-on-year profit increase of 1.0%, reaching Tk 7.55 billion in the third quarter (Q3) of this year. This growth comes in the face of rising operational expenses and increased foreign exchange losses, exacerbated by ongoing political unrest.
The leading telecom operator’s revenue for the July-September period stood at Tk 39.5 billion, reflecting a 3.8% decline compared to the same period last year. This decrease is attributed to the political turmoil and internet shutdowns, as outlined in the financial statements released on Monday.
Yasir Azman, CEO of Grameenphone, acknowledged the challenges faced during the quarter, stating, “This quarter has been particularly challenging for us, testing our resilience across various fronts—economically, politically, and through natural disasters.” Despite these hurdles, Azman noted that the company has managed to maintain positive financial and operational trends while continuing to invest in strategic growth areas.
As of the end of the third quarter, Grameenphone’s total subscriber base reached 84.6 million, with 58.3% (49.3 million) of subscribers utilizing internet services. CFO Otto Risbakk commented on the situation, stating, “The third quarter began with a positive trend, but several days of unrest and internet shutdowns, along with unprecedented floods in several regions, have significantly impacted the economy and our business.”
For the first nine months of the year, Grameenphone reported an over 8.60% increase in profit, totaling Tk 29.55 billion. Revenue for this period grew by 2.23%, reaching Tk 121 billion. Following the announcement, the company’s stock price fell by 0.36%, closing at Tk 304 on Monday.
