Posts highest revenue and profit
Ijaz Kakakhel Islamabad
The PTCL Group, has achieved a double-digit revenue growth of 10.2% during the financial year 2022. Pakistan Telecommunication Company Limited posted 8.6% growth in its revenues, owing to its strong performance in both retail and business segments, whereas Ufone achieved 7.1% growth in its revenues. The Group’s subsidiary, U Microfinance Bank, kept a strong momentum and posted 35.4% revenue growth during 2022.
The company announced its annual financial results for the year 2022 at its Board of Directors’ meeting held in Islamabad.
The PTCL Group’s revenue has increased by 10.2% YoY to Rs 151.6 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 remained under pressure due to significant hike in power and fuel tariffs, devaluation of the Pak Rupee against USD, higher interest rates, and other costs associated with the acquisition of 4G spectrum and related network rollout. The Group has posted a net loss of Rs 7.8 billion.
PTCL continued its strong performance throughout 2022. PTCL’s revenue of Rs 83.4 billion for the year 2022, highest ever in its history, is 8.6% higher than 2021, mainly driven by growth in broadband and wholesale & business solutions segments.