Grameenphone’s Profits Surge by 72%

Industry: Stock Market, Telecom
Company: Grameenphone Limited (GP)
Company Intelligence Tag: Business Insights

Grameenphone, the largest telecom operator in Bangladesh, reported a remarkable 72% jump in its net profit for the January-March quarter of 2024, reaching Tk1,338 crore, compared to the same period last year. The company disclosed its first-quarter financial results during a meeting held today. The surge in profit can be attributed to a significant 78% drop in Grameenphone’s income tax expenses during the quarter. Additionally, the company’s revenue also witnessed a 5% growth, rising to Tk3,932 crore. The substantial decrease in income tax expenses played a crucial role in boosting Grameenphone’s profitability during the first three months of 2024. While the company enjoyed higher revenue, the drastic reduction in tax liabilities contributed significantly to the impressive 72% year-over-year increase in net profit.

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