Pakistan Telecommunication Company Limited (PTCL), the leading telecom and ICT services providers in the country, has announced financial results for the nine months ended September 30, 2023. The announcement was made during the Board of Directors’ meeting held in Dubai on October 17, 2023.
In the first nine months of 2023, PTCL Group has maintained its strong performance, strengthening its status as Pakistan’s top integrated telecom service provider. Despite the challenging economic environment, the Group has achieved an impressive 26.3% increase in revenue compared to the same period last year. This substantial growth can be mainly attributed to outstanding performance in various sectors, including fixed broadband, mobile data, business solutions, and mobile banking services.
The business environment in 2023 remains affected by the unfavorable macroeconomic challenges that emerged in 2022. Increasing energy and fuel costs persist as hurdles for telecom companies, making it challenging to offer top-notch services to consumers at reasonable rates. Network expansion plans were also affected by the adoption of measures aimed at regulating foreign currency reserves. The substantial devaluation of the Pakistani Rupee during the first quarter, coupled with mounting interest rates and an additional super tax alongside regular corporate tax, has significantly affected profitability. To address the challenges being faced by the telecom sector, it is imperative that the government offers policy intervention to alleviate the impact.
PTCL group highlights: PTCL Group’s revenue of Rs 139.6 billion in 2023 is 26.3% higher as compared to the same period of last year. The Group’s profitability was, among other factors, particularly affected by significant Rupee devaluation during the period as the Group has unhedged FOREX liabilities. The Group has posted a net loss of Rs 9.3 billion. PTCL continued its growth trajectory by posting 17.2% YoY revenue growth. PTML’s (Ufone) revenue grew remarkably by 24.3% YoY as compared to the same period of last year. Ubank has achieved a significant 80.3% growth in its revenue over the same period of last year.
PTCL Highlights: PTCL’s revenue of Rs 71.6 billion for the period is 17.2% higher than 2022, mainly driven by growth in Carrier & Wholesale, Enterprise, and Broadband segments. The company has posted an operating profit of Rs 4.2 billion with an impressive 29.6% growth over last year and a net profit of Rs 7.6 billion.
PTCL Consumer Business: PTCL Fixed Broadband Business achieved significant revenue growth of 16.7% vs. last year. PTCL Flash Fiber remains the fastest-growing operator through the highest net adds contribution in the industry. This phenomenal growth has been possible through the aggressive expansion of PTCL Flash Fiber and dedicated customer experience throughout the country. PTCL Flash Fiber reported 104.9% revenue growth YoY. Moreover, IPTV segment has been further equipped with the addition of 50 channels reaching a total of 200 channels to cater growing customer TV viewing needs. Voice and Charji revenue streams continued the declining trajectory impacted by OTT services and competition from cellular operators.
Source: https://dailytimes.com.pk/1141077/ptcl-group-posts-double-digit-revenue-growth-of-26-3pc/