PTCL Group, Pakistan’s leading telecom and ICT services provider, has achieved a double-digit revenue growth of 25.8% during the financial year 2023. PTCL Group has maintained its strong performance, strengthening its status as Pakistan’s top integrated telecom service provider. PTCL posted 15.4% growth in its revenues, owing to its strong performance in both retail and business segments, whereas Ufone achieved 25.6% growth in its revenues. The Group’s subsidiary, U Microfinance Bank, kept a strong momentum and posted 76.5% 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 February 13, 2024.
PTCL GROUP
PTCL Group’s revenue has increased by 25.8% YoY to Rs190.6billion, 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% stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan) based on an Enterprise Value of PKR 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% higher than last year, mainly driven by growth in broadband and wholesale & business solutions segments. Flash Fiber, PTCL’s premium Fiber-To-The-Home (FTTH) service, showed tremendous growth with highest Netaddsshare within FTTH market in 2023. The company reported net profit of Rs 9.4billion, highest since 2013,which is 3.7% higher as compared to last year.
PTCL CONSUMER BUSINESS
PTCL fixed broadband business has shown 17.4% YoY growth propelled by the aggressive FTTH expansion. Flash Fiber showed unprecedented growth of 106.8%, taking lion’s share of the market’s net adds, whereas PTCL IPTV segment also grew by 2.5% YoY. Business Services
The business services segment continued its momentum sustaining market leadership in IP Bandwidth, Cloud, Data Center, and other ICT services segments. PTCL’s Enterprise business grew by 25.7% as compared to last year, while Carrier and Wholesale business continued its growth momentum and achieved 21.9% overall revenue growth. International voice revenue has increased by 17.9% as compared to last year. Overall Business Solutions revenue has grown by21.9% on a year-on-year basis.
PTML – UFONE
In 2023, Ufone 4G emerged as the standout performer in the telecom industry, reporting exceptional revenue growth of 25.6%, surpassing all other operators. Ufone 4G posted the highest 4G net adds in the industry.
UBANK
Ubank, microfinance and branchless banking subsidiary of PTCL, continued its growth trajectory and has achieved a remarkable 76.5% growth in revenue over the corresponding period of last year, while maintaining a strong balance sheet position as the bank continued to diversify its asset classes and funding streams while ensuring positive bottom-line impact.
CORPORATE SOCIAL RESPONSIBILITY
Throughout 2023, PTCL Group engaged in a variety of Corporate Social Responsibility (CSR) activities, showcasing a commitment to making a positive impact on society.
Source: https://www.nation.com.pk/16-Feb-2024/ptcl-group-achieves-double-digit-revenue-growth-of-25-8pc