Grameenphone Ltd has demonstrated robust growth and resilience in the first quarter of 2024, despite facing persistent macroeconomic headwinds. The company's strategic focus on network investment and pioneering initiatives has propelled it to achieve significant milestones, reflecting its commitment to innovation and customer-centric services.
For the first three months of 2024, Grameenphone reported a total revenue of BDT 39.3 billion, marking a notable growth of 5.3% compared to the same period last year. This growth trajectory is further underscored by the acquisition of 1 million new subscribers, bringing the total subscriber base to 83 million by the end of the first quarter. Notably, over half of Grameenphone’s subscribers, approximately 46.3 million, are utilizing internet services, highlighting the increasing digital penetration in the country, according to a press release.
Yasir Azman, CEO of Grameenphone Ltd., attributed the company's success to its unwavering commitment to strategic investments and innovation, aimed at transforming from a traditional telecommunications provider to a telco-tech powerhouse. Azman emphasised the significance of building a robust digital infrastructure to drive sustainable growth and enhance operational efficiency. Under his leadership, Grameenphone inaugurated its first "Tier III Standard Data Center" in Sylhet, setting new benchmarks in network capabilities.
Moreover, Grameenphone introduced "gpfi," a wireless broadband solution designed to revolutionize home internet services, catering to the evolving needs of modern families for seamless connectivity and entertainment. The company's dedication to sustainability was also highlighted through strategic partnerships and support for Environmental Social Governance (ESG) initiatives.
Otto Risbakk, CFO of Grameenphone Ltd, expressed satisfaction with the company's financial performance in the first quarter, marking the twelfth consecutive quarter of growth in both topline and EBITDA. With subscription and traffic revenue growth reaching 5.2%, and an impressive EBITDA margin of 60.8%, Grameenphone's solid balance sheet and strong cash flow position it well to continue investing in growth and innovation.
In line with its commitment to enhancing network infrastructure, Grameenphone invested BDT 7.2 billion in CAPEX during the first quarter, primarily focusing on expanding its 4G network and fiber connectivity. The deployment of 2600 MHz spectrum and the rollout of over 500 new 4G sites underscore the company's relentless pursuit of providing an enhanced network experience for its customers. As of Q1’24, Grameenphone boasts over 21,700 4G sites, covering 97.9% of the population with 4G connectivity.
Despite the challenges posed by the macroeconomic environment, Grameenphone's strong performance in the first quarter of 2024 reflects its resilience, innovation, and unwavering commitment to delivering superior telecommunications services in Bangladesh.