Grameenphone (GP) Q3 2024 earnings summary

Executive summary

• Q3 2024 was marked by significant challenges, including political unrest, internet shutdowns, severe flooding, and macroeconomic headwinds, yet operations remained resilient and customer-centric.

• Demonstrated resilience and operational efficiency, maintaining service continuity and customer engagement, with accelerated growth in digital and B2B segments.

• Advanced digital innovation through AI, IoT, analytics, and industry-first digital offerings, enhancing customer experience and operational efficiency.

• Continued focus on sustainability, digital inclusion, and community empowerment, including climate initiatives and digital skills training.

• Revenue for the nine months ended 30 September 2024 was BDT 121.1 billion, up 2.2% year-over-year; quarterly revenue declined 3.8% compared to Q3 2023.

Financial highlights

• Q3 2024 revenue was BDT 39.5 billion, down 3.8% year-over-year; YTD revenue BDT 121 billion, up 2.2% year-over-year.

• Q3 EBITDA was BDT 23.2 billion (58.7% margin), down 8.7% year-over-year; YTD EBITDA BDT 72.6 billion (60% margin), flat year-over-year.

• Q3 net profit reached BDT 7.6 billion, up 1% year-over-year, with a 19% margin; YTD net profit was BDT 29.5 billion, up 8.6% year-over-year.

• Q3 earnings per share was BDT 5.6, up 1.1% year-over-year; YTD EPS BDT 21.88, up from BDT 20.15.

• Operating free cash flow margin was around 50%, with BDT 20 billion cash flow per quarter; Q3 OCF was BDT 19.3 billion (48.9% margin).

Outlook and guidance

• Focus remains on digital growth, operational efficiency, and sustainability, with continued investment in digital infrastructure and customer-centric innovation.

• Unified licenses received in March 2024 enable 5G and beyond services, supporting future growth.

• Lease term extension to 2030 provides operational stability for network infrastructure.

• Proactive management of macroeconomic and regulatory challenges expected to continue.