Robi profit jumps 200% in Jan-Sep

Robi Axiata Limited – the country's second-largest mobile network operator – has reported a 203% year-on-year jump in its net profit during the first nine months of 2023.

According to its unaudited financial statement for the January–September period, its net profit grew to Tk172.35 crore, which was Tk57.67 crore in the same period last year while its revenue surged by 18% to Tk7,431.07 crore.

Robi's consolidated earnings per share (EPS) stood at Tk0.33, net asset value (NAV) per share at Tk12.44, and net operating cash flow per share at Tk2.03 at the end of September 2023.

Its revenue from mobile services — voice, non-voice traffic, data, subscription, and connection fees increased by Tk1,139.61cr or 18.53% to Tk7,287.36 crore.

Robi's revenue from sale of devices declined by 76%, and other revenues from commission, IT professional services, and digital service fell by 18.80% to Tk4.57 crore and Tk101.39 crore respectively.

Besides, during the third quarter from July to September of 2023, its consolidated net profit jumped by 263% to Tk105.96 crore, and revenue grew by 15% to Tk2543.47 crore.

When communicated over phone, its officials did not respond regarding the financials.

In the statement, Robi mentioned that large Taxpayers Unit (LTU) of National Board of Revenue issued a letter of claim on 8 June, 2023 demanding Tk85.75 crore (the disputed amount) against Robi, alleging an arrear of payment from Warid Telecom, predecessor of Airtel Bangladesh Ltd.

Robi issued a letter demanding justice on 6 July, 2023 requested LTU to form a committee to assess any claim based on the documents that LTU seized.

Robi also demanded that those documents be provided for Robi to assist any claim that LTU may have. Robi has already filed the writ petition in the high court division of the Supreme Court of Bangladesh. Now, the case is pending for a court date.

It commenced operations in 1997 as Telekom Malaysia International (Bangladesh) with the brand name "Aktel".

In 2010, it was rebranded as Robi, and the company changed its name to Robi Axiata Limited. The company also later merged with Airtel.

The mobile network operator raised Tk523 crore from the stock market through an initial public offering in 2020.

Axiata Group Berhad owns 61.82% of Robi, Bharti Airtel of India owns 28.18%, and the general public holds the remaining 10%.

Its shares have been stuck on the floor price of Tk30 each since August last year at the Dhaka Stock Exchange.

Earlier, Robi Axiata decided to receive a $55 million shareholder loan facility from its parent company, Axiata Group, a Malaysian multinational telecommunications conglomerate.

In a stock exchange filing, Robi stated that it would secure the fund for a period of three years.