Robi Axiata PLC, Bangladesh’s second-largest telecom company, posted a significant profit increase in Q2 2024, driven by higher sales and reduced raw material costs. The company’s profit surged to Tk 107 crore from Tk 24 crore in the same period last year.
Despite economic challenges and regulatory pressures, Robi’s Managing Director and CEO, Rajeev Sethi, expressed satisfaction with the company’s growth. The firm continues to invest heavily in its network to support rising data consumption. However, the devaluation of the taka and increased borrowing costs impacted profits. Robi faced a foreign exchange loss of Tk 47 crore in Q2 2024, compared to Tk 6 crore in Q2 2023. Robi’s revenue rose 2.5% year-on-year to Tk 2,604 crore, while the cost of revenue dropped 13% to Tk 1,482 crore. The company’s active subscriber base reached 59.5 million, with 76.3% being internet users.