GP revenue rises by 5.6pc to Tk 42.2b in Q2’24

Grameenphone Ltd (GP) has posted a revenue growth by 5.6 per cent to Tk42.2 billion in the second quarter (April-June) of the calendar year 2024, compared to the same quarter in the last year
The Company acquired 2.3 million new subscribers, reaching 85.3 million total subscribers at the end of the second quarter. 58.3% of GP's total subscribers, or 49.7 million, are using internet services, says a press release.

"The macroeconomic headwinds that have been prevalent since last year exacerbated due to central banks' continued tightening policies, calibration of energy prices while reducing subsidies, increase of supplementary duties and the effects of natural disasters such as cyclones and flood," the press release quoted Yasir Azman, CEO of GP as saying.

Despite these challenges, we remained focused on our growth strategies and showed stability in our performance by delivering consistent growth in topline and EBITDA. Our MyGP app continues to be the largest local self-service app in Bangladesh with now a staggering 20 million monthly active users,", he was quoted further.

Focusing on the utilization of AI technologies, GP have introduced smart & adaptive strategies such as deploying an AI-powered dynamic network optimization system that delivers seamless connectivity based on real-time movement. 

"We strategically partner with businesses that share our values and actively support ESG (Environmental Social Governance) initiatives as a crucial aspect of our social and economic responsibilities bestowed upon us as leaders in this industry." he added. 

"We are now through the first half of the year, and I am pleased to see that after a good Q1, we continue to see good progress across all metrics and segments in this quarter as well. 

In Q2, we saw good trends  on ARPU and Subscriber sides and increased our growth rate to 6.4% YoY growth in Subscription & Traffic Revenue, up from 5.2% in the previous quarter. 

Through relentless focus on efficiency and automation, we have been able to offset cost pressure and deliver a solid EBITDA margin of 60.4%. 

This was the thirteenth consecutive quarter of growth in both topline & EBITDA," the press release also quoted Otto Risbakk, CFO of GP as saying.