Pakistan Telecommunication Company Limited (PTCL), the leading telecom and ICT services provider in the country, has announced its financial results for the six months ended June 30, 2023. The announcement was made during the Board of Directors’ meeting held here on Wednesday.
Later addressing journalists, Chief Financial Officer Nadeem Khan said that throughout the first half of 2023, PTCL Group has sustained its momentum, further solidifying its position as the leading integrated telecom service provider in Pakistan. Despite the prevailing challenging macroeconomic conditions, the Group has achieved a remarkable 26.8% revenue growth compared to the same period of last year.
This substantial increase in revenue is primarily attributed to the exceptional performance across multiple segments, including fixed broadband, mobile data, business solutions and banking services.
The business landscape in 2023 continues to be influenced by the adverse impact of macroeconomic challenges that arose in 2022, he maintained. The escalating energy and fuel tariffs present ongoing obstacles for telecom operators, making it difficult to deliver high-quality services to consumers at affordable prices.
Delays in LC opening have affected the operators’ network expansion plans. Significant devaluation of the Pakistani Rupee in the first quarter, coupled with rising interest rates and additional super tax over and above regular corporate tax, has greatly impacted the profitability. To mitigate the effects of these challenging issues, policy intervention by the Government is required to provide much needed relief to the sector.
He also said that the PTCL Group’s revenue of Rs 90.9 billion in 2023 is 26.8% higher as compared to the same period of last year. The Group’s profitability was, among other factors, particularly affected by significant Rupee devaluation in the first quarter as the Group has unhedged FOREX liabilities. The Group has posted a net loss of Rs 8.5 billion. He also said that the PTCL continued its growth by posting 17.3% YoY revenue growth.
PTML’s (Ufone) revenue grew by 22.4% YoY as compared to the same period of last year. U Bank has achieved a 96.5% growth in its revenue over the same period of last year. PTCL’s revenue of Rs 46.9 billion for the period is 17.3% higher than 2022, mainly driven by growth in Carrier & Wholesale and Broadband segments.
