KARACHI: PTCL Group, Pakistan’s leading telecom and ICT services provider has achieved a double-digit revenue growth of 25.8 percent during the financial year 2023. PTCL Group has maintained its strong performance, strengthening its status as Pakistan’s top integrated telecom service provider.
Pakistan Telecommunication Company Limited (PTCL), posted 15.4 percent growth in its revenues, owing to its strong performance in both retail and business segments, whereas Ufone achieved 25.6 percent growth in its revenues. The Group’s subsidiary, U Microfinance Bank, kept a strong momentum and posted 76.5 percent revenue growth during 2023.
The company announced its annual financial results for the year 2023 at its Board of Directors’ meeting held in Islamabad on Tuesday.
PTCL Group: PTCL Group’s revenue has increased by 25.8 percent YoY to Rs 190.6 billion, mainly driven by strong performance in the consumer segment led by fixed broadband, mobile data, and wholesale & business solutions, along with microfinance services.
The Group’s profitability was, among other factors, particularly affected by significant Rupee devaluation and high interest rates during the year. The Group has posted a net loss of Rs 14.1 billion. The biggest highlight for PTCL during 2023 has been the signing of a Share Purchase Agreement with Telenor Pakistan B.V. (Telenor) to acquire a 100 percent stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan) based on an enterprise value of Rs 108 billion on a cash-free, debt-free basis.
PTCL: PTCL continued its strong performance throughout 2023. PTCL posted revenue of Rs 96.3 billion for the year 2023 which is 15.4 percent higher than last year, mainly driven by growth in broadband and wholesale and business solutions segments.
Flash Fiber, PTCL’s premium Fiber-To-The-Home (FTTH) service, showed tremendous growth with highest Net adds share within FTTH market in 2023. This phenomenal growth has been possible through the aggressive expansion of PTCL Flash Fiber and dedicated customer experience throughout the country.
The company reported net profit of Rs 9.4 billion, highest since 2013, which is 3.7 percent higher as compared to last year. Prompt deployment of FTTH and strong performance in Corporate and Wholesale segments are the cornerstones in PTCL’s topline growth.
PTCL Consumer Business: PTCL fixed broadband business has shown 17.4 percent YoY growth propelled by the aggressive FTTH expansion. Flash Fiber showed unprecedented growth of 106.8 percent, taking lion’s share of the market’s net adds, whereas PTCL IPTV segment also grew by 2.5 percent YoY. Voice and Charji revenue streams continued the declining trajectory impacted by OTT services and competition from cellular operators.
Copyright Business Recorder, 2024
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