PTCL, the Pakistan Telecommunication Company Limited, has released its impressive nine-month financial results that conclude on September 30, 2023. The PTCL Group maintained its position as Pakistan’s leading integrated telecom service provider by achieving an impressive 26.3% rise in revenue over the same period previous year, despite a difficult economic environment. A number of industries showed notable development, including business solutions, mobile banking services, fixed broadband, and mobile data.
In 2023, the macroeconomic barriers that impeded network expansion and increased energy and fuel prices made the business climate difficult. Profitability was severely harmed by the devaluation of the Pakistani Rupee, rising interest rates, and new levies. Intervention by government policy is necessary to resolve these problems and assist the telecom industry.
With unhedged FOREX obligations, the PTCL Group saw a net loss of Rs 9.3 billion despite achieving sales of Rs 139.6 billion. While Ufone (PTML) recorded an astounding 24.3% YoY revenue gain, PTCL maintained its growth trend with a 17.2% YoY revenue increase. Ubank showed notable expansion with a rise in revenue of 80.3%.
Due in large part to PTCL Flash Fiber’s fast expansion, the Fixed Broadband Business experienced notable revenue growth of 16.7% inside the company. With a 31.8% increase in the enterprise business and a 29.2% revenue gain in carrier and wholesale services, the Business Services division maintained its leadership in the market for a variety of ICT services.
PTCL Group, the backbone of Pakistan’s connection, is dedicated to promoting the development of “Digital Pakistan.” Innovative solutions, like remote telemedicine facilities, are supported by partnerships with DynaSys and the ChildLife Foundation. Additionally, PTCL and the Board of Revenue Baluchistan inked a contract for fiber optic connectivity and smart cloud services.
After achieving 25 million users, Ufone 4G reported a YoY revenue gain of 24.3%. The business is actively growing its digital offerings, such as Upaisa, and updating existing joint shops.
PTCL’s microfinance affiliate, Ubank, maintained a solid financial condition while achieving notable revenue growth. The PTCL Group participated in a number of CSR projects, collaborating with groups such as GSMA, PHA, and ConnectHear to support community empowerment, environmental preservation, and disaster relief.
In conclusion, the remarkable income growth of PTCL Group highlights its dedication to developing digital services and telecommunications in Pakistan even in the face of economic difficulties.
