Online Desk: Grameenphone Ltd. reported a total of Taka 39.3 billion revenue for the first three months of 2024, registering a growth of 5.3 percent from the same period of last year.

In the first three months, the Company acquired 1 million new subscribers, reaching 83 million total subscribers at the end of the first quarter. Some 55.8 percent of Grameenphone’s total subscribers, or 46.3 million, are using internet services.

In the first quarter of 2024, the Grameenphone made a strong start to the year driven by continued focus on strategic network investment and industry-first initiatives, navigating the macroeconomic climate, said a press release.

“Macroeconomic headwinds continued to challenge us, but we remained focused on our strategy and forged ahead with our investment plans to support our growth opportunities, strengthen our partnerships, and improve our operations, all of which contributed to the great results we see today,” said Yasir Azman, CEO of Grameenphone Ltd.

He said, “We ought to build a digital infrastructure to transform from a telco to telco-tech company and in the process, we are diligently building digital assets and making strategic partnerships with digital players.”

The Grameenphone CEO said driven by its commitment to creating a Smart Bangladesh, the company inaugurated its first “Tier III Standard Data Center”, in Sylhet- a technological marvel that can set new benchmarks of the network.

“We also launched a wireless broadband solution “gpfi” to redefine and elevate home internet services, offering a holistic solution for families seeking uninterrupted connectivity and entertainment. Our belief in sustainability goals is not just limited to ourselves, but we also strategically partner with businesses that share our values and actively support ESG (Environmental Social Governance) initiatives” he added.

“I am pleased to see that the business momentum has improved steadily during the first quarter of 2024. Our first quarter financial results reflect the positive momentum and Grameenphone continued to deliver solid financial performance in Q1’24. This was the twelfth consecutive quarter of growth in topline and EBITDA,” said Otto Risbakk, CFO of Grameenphone Ltd.

He said subscription and traffic revenue growth ended at a solid 5.2 percent and thanks to the company’s relentless focus on operational excellence and strict financial discipline, the EBITDA margin stood at a strong 60.8 percent. “Our robust balance sheet and strong cash flow enable us to continue to invest in growth and innovation, providing a solid basis for attractive and predictable dividends” added Risbakk.

In Q1, Grameenphone invested 7.2 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 500 new 4G sites in the last 3 months, including new coverage sites. At the end of Q1’24, Grameenphone’s 4G sites reached more than 21,700 with 97.9 percent 4G population coverage.