Robi logs highest ever half-yearly profit
With a staggering 223% growth in profit, Robi Axiata PLC — the country’s second-largest mobile network operator — logged its highest-ever profit in the first half of 2024 amid the growing macroeconomic and regulatory challenges.
The consolidated net profit of Robi Axiata surpassed Tk200 crore for the first time in its history during the January to June period of 2024, with a 4.75% increase in revenue, according to its unaudited quarterly reports.
Also, its profit jumped by 341% to Tk107 crore in April to June (Q2) of 2024 compared to the same period of the previous year.
In Q2 of 2023, its profit was only Tk24.36 crore, the reports show.
Commenting on financial performance, Rajeev Sethi, managing director and CEO of Robi, said, “Despite the economic woes and the mounting regulatory challenges, we are happy to see Robi continuing on the growth trajectory.
“We have continued to invest heavily, he said, in our network to ensure quality experience for our customers’ rapidly growing data consumption.”
“Unfortunately, the significant taka devaluation that took place due to the introduction of the crawling peg method for currency exchange rate adjustment and the rising borrowing cost had knocked off a large chunk of our profit for the quarter, despite a razor-sharp focus on efficient cost management,” he added.
