ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) announced financial results for the nine months ended on 30 September 2023 during the Board of Directors’ meeting held in Dubai on Tuesday.
During this period, PTCL Group has maintained its strong performance, strengthening its status as the top integrated telecom service provider company in Pakistan. Despite the challenging economic environment, it has achieved an impressive 26.3 percent increase in revenue compared to the corresponding period last year. This substantial growth is mainly attributed to outstanding performance in different sectors, including mobile data, business solutions, fixed broadband, and mobile banking services.
The business environment this year remains affected by the unfavorable macroeconomic challenges that emerged in 2022. Increasing fuel and energy fuel costs persist as hurdles for telecom companies, making it difficult to offer top-notch services to consumers at reasonable rates. Network expansion plans were also hit by the adoption of steps aimed at regulating foreign currency reserves. The substantial devaluation of the Pakistani rupee during the first quarter of the year, coupled with mounting interest rates and an additional super tax as well as regular corporate tax, has mainly affected profitability.
PTCL Group’s Revenue
PTCL Group’s revenue of Rs139.6 billion in 2023 is 26.3 percent higher as compared to the corresponding period of last year. The Group has posted a net loss of Rs9.3 billion.
PTCL continued its growth trajectory by posting 17.2 percent YoY revenue growth.
PTML’s (Ufone) revenue grew remarkably by 24.3 percent on a YoY basis as compared to the same period of last year. Ubank has achieved a significant 80.3 percent growth in its revenue over the same period of last year.
PTCL’s revenue of Rs 71.6 billion for the period is 17.2 percent higher than 2022, mainly driven by growth in Carrier and wholesale, Broadband, and Enterprise segments.
The company has posted an operating profit of Rs4.2 billion with an impressive 29.6 Broadband growth over last year and a net profit of Rs7.6 billion.
PTCL Fixed Broadband Business achieved significant revenue growth of 16.7 Broadband in contrast to last year. PTCL Flash Fiber remains the fastest-growing operator through the highest net adds contribution in the sector.
PTCL Flash Fiber reported 104.9 Broadband revenue growth on a YoY basis. Moreover, the IPTV segment has been further equipped with the addition of fifty channels, reaching a total of two hundred channels to cater to growing customer TV viewing needs.
The business services segment continued its momentum, sustaining market leadership in Data Center, IP bandwidth, Cloud, and other ICT services segments. PTCL’s enterprise business grew by 31.8 percent as compared to last year, while the carrier and wholesale business continued its growth momentum and achieved 29.2 percent overall revenue growth.
International voice revenue has increased by 17.9 percent as compared to last year. Despite the current challenging economic environment, overall Business Solutions revenue has shown a remarkable 27 percent year-on-year growth.
