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Grameenphone’s net profit plunged more than 52 per cent year-on-year to Tk 6.34 billion in the first quarter for January-March this year, owing to the challenging macroeconomic environment.
The leading telecom operator’s earnings per share stood at Tk 4.69 in January-March this year, against Tk 9.91 in the same quarter a year earlier, according to its quarterly financial statements published on Thursday.
The largest mobile phone operator in Bangladesh’s revenue also dropped 2.5 per cent year-on-year to Tk 38.34 billion in the March quarter.
The company’s finance expenses also jumped 93 per cent year-on-year to Tk 1.72 billion, while operating profit plunged 18 per cent to Tk 12.72 billion, hitting the bottom line growth.
The current economic climate has brought numerous challenges, including rising inflation and decreasing GDP, putting significant strain on businesses across various sectors.
Despite macroeconomic headwinds continuing to challenge, the company remained focused on strategy and forged ahead with investment plans to support growth opportunities, he added.
Annual performance
Despite the challenging macroeconomic environment, GP secured a 10 per cent year-on-year growth in profit to Tk 36.4 billion in 2024, the highest profit in three years, supported by a strong balance sheet and operational efficiency.
Based on profit growth, the telecom operator paid 330 per cent cash in total for the year, the highest-ever dividend since listing, after paying the 13-year lowest cash dividend in 2023.