The prolonged internet shutdown and devastating flash floods significantly impacted Robi’s revenue for the third quarter (July-September) of 2024 (Q3’24), leading to a 5% decline compared to the previous quarter. The company reported revenue of 2,474.4 crore taka for Q3’24, reflecting a year-on-year (YoY) decrease of 2.7%. Over the first nine months of the year, total revenue reached 7,594.6 crore taka, marking a 2.2% growth from the same period last year.
In Q3’24, voice revenue increased by 3.7%, while data revenue saw a significant decline of 15.5% compared to the previous quarter. YoY, voice revenue grew by 3.9%, whereas data revenue decreased by 10.3%.
Robi’s press release revealed that its active subscriber base decreased to 5 crore 79 lakhs due to the overall economic downturn. Of this base, 4 crore 43 lakhs were internet users, and 3 crore 70 lakhs were 4G users. Among active subscribers, 76.5% were internet users, and 64% were 4G users. Despite losing one million data subscribers, Robi maintained the highest proportion of data users in the industry.
With 249 new sites, Robi’s total 4G site count reached nearly 18,000 by the end of Q3’24, ensuring 98.96% population coverage.
Robi’s profit after tax (PAT) for Q3’24 stood at 188.7 crore taka, while total PAT for the first nine months (January-September) reached 402.8 crore taka, reflecting a 134% increase compared to the same period last year. Earnings Per Share (EPS) for Q3’24 rose to 0.36 taka, up 75.5% from the previous quarter.
The company’s focus on structured efficiency programs contributed significantly to its profitability. Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) reached 1,340.1 crore taka in Q3’24, with a 54.2% margin. For the first nine months, EBITDA totaled 3,783.4 crore taka with a 49.8% margin, marking a 12.6% YoY increase, despite low revenue performance due to political and economic upheaval.
Including a capital investment of 149.2 crore taka in Q3’24, total capital investment for the first nine months reached 1,192.3 crore taka. Robi paid 1,346.1 crore taka to the government exchequer in Q3’24, corresponding to 54% of its revenue, with total payments to the government for the first nine months reaching 4,640.8 crore taka, representing a staggering 61% of revenue during that period.
Commenting on Robi’s financial performance, Managing Director and CEO Rajeev Sethi stated, “We faced unprecedented challenges during the July-September period due to the internet shutdown and the impact of severe floods on the economy. This situation negatively affected our revenue as many data users left our network. Our cost efficiency program, however, helped us conclude the quarter with a profit.”
Sethi expressed optimism about the recent reforms initiated by the telecom regulator to reshape the telecom ecosystem in Bangladesh and pledged Robi’s full cooperation in executing the reform agenda. He also highlighted the heavy taxation regime, noting that Robi paid 61% of its revenue to the government from January to September, stressing that such high taxation hampers the company’s financial capacity to invest in building a robust data network.
