Grameenphone, one of the largest mobile operators in Bangladesh, reported a substantial profit of Tk 13.38 billion in the first quarter of the fiscal year 2024.

The impressive performance, fueled by reduced net finance costs and foreign exchange gains, marks a remarkable 72 percent increase compared to the same period last year.

According to the company’s unaudited financial statement, Grameenphone’s profit surge was also attributed to decreased income tax expenses. The telecom giant’s strong financial showing solidifies its position as the most valued stock on Bangladesh’s stock market.

The company’s revenue for the January-March quarter grew by 5 percent year-on-year, reaching Tk 37.34 billion. However, despite the revenue growth, operating profit saw a modest increase of only 3 percent due to rising overall costs.

Grameenphone managed to bolster earnings for its shareholders by implementing cost-saving measures, including a notable 13 percent reduction in finance costs, amounting to Tk 108 crore. Additionally, the company reported a substantial 180 percent gain from foreign exchange transactions.

The significant decline in income tax expenses, down by 78 percent, further contributed to Grameenphone’s heightened profitability in the first quarter of 2024. Consequently, earnings per share surged to Tk 9.91 from Tk 5.77 in the year’s corresponding period.

Despite its robust financial performance, Grameenphone’s stock closed nearly unchanged at Tk 232.50 on the Dhaka Stock Exchange yesterday. However, analysts remain optimistic about the company’s growth prospects, buoyed by its strong performance and strategic financial management strategies.