Grameenphone (GP) Q4 2024 earnings summary

Executive summary

• Delivered resilient performance in 2024, maintaining strong profit margins and EBITDA margin above 57%, despite macroeconomic headwinds, inflation, and industry-wide subscriber and ARPU declines.

• Subscriber base grew to 85.3 million, with 56.9% (48 million) using internet services and 4G users up 11.7% year-on-year.

• Focused on digital transformation, AI-driven innovation, sustainability, and empowering communities through digital skills.

• Board proposed a total dividend of BDT 33 per share for 2024, representing 123% of NPAT and a record payout.

• Received unified telecom licenses in March 2024, enabling 5G services and future network expansion.

Financial highlights

• Q4 2024 revenue was BDT 37.3–38.3 billion, down 4.9–7.2% year-on-year, mainly due to lower data spending and ARPU decline.

• Q4 EBITDA reached BDT 21.3–23 billion, with a margin of 57.2–60%, despite an 8.3–13.4% decline year-on-year.

• Q4 NPAT was BDT 6.8–7.4 billion (18.1–19.4% margin); normalized NPAT declined, but reported NPAT rose 15.2% due to one-off impacts.

• FY 2024 normalized revenue was BDT 158.45–160 billion, nearly flat year-on-year; normalized EBITDA was BDT 96–96.2 billion (over 60% margin).

• Net profit for 2024 rose to BDT 36.31 billion, with basic EPS at BDT 26.89.

Outlook and guidance

• Expect gradual recovery in revenue and data growth as macroeconomic conditions improve in 2025.

• Continued investment in network, IT, digital solutions, and customer experience, with a focus on long-term growth and innovation.

• Board recommended a final dividend of BDT 17 per share, subject to AGM approval.

• Acquired 20MHz spectrum in the 2600 MHz band, effective July 2025.