Grameenphone’s net profit fell sharply by more than 52 percent year-on-year to Tk 6.34 billion in the first quarter of 2024, as the country’s largest mobile phone operator grappled with a challenging macroeconomic environment.

According to its financial disclosures published on Thursday, the company reported earnings per share of Tk 4.69 for the January–March quarter, down from Tk 9.91 during the same period last year.

Total revenue declined by 2.5 percent year-on-year to Tk 38.34 billion, reflecting weakened consumer spending and subdued business activity. Operating profit also dropped 18 percent to Tk 12.72 billion, while finance expenses nearly doubled, rising 93 percent year-on-year to Tk 1.72 billion.

Grameenphone attributed the decline to economic headwinds, including rising inflation and slowing GDP growth, which have placed significant pressure on business operations across sectors. Despite these challenges, the company maintained that it remained focused on its strategic priorities and continued investing in growth opportunities.

In contrast to the weak quarterly performance, the company closed 2024 with a 10 percent year-on-year rise in annual profit to Tk 36.4 billion—its highest in three years. This performance was underpinned by operational efficiency and a strong balance sheet.

Reflecting the annual profit growth, Grameenphone announced a total cash dividend of 330 percent for the year—the highest since its stock market debut—following a historically low payout in 2023.