Pakistan Telecommunication Company Limited (PTCL), the leading provider of telecom and ICT services in the country, has announced its financial results for the first quarter of 2023 registering double digit growth of 23 per cent as compared to the corresponding period of last year.
The announcement was made during a Board of Directors’ meeting held here, said a news release on Tuesday.
During the first quarter of 2023, PTCL Group sustained its momentum and strengthened its position as the leading integrated telecom service provider in Pakistan. This substantial growth in revenue is primarily attributable to strong performance in the fixed broadband, mobile data, business solutions, and banking services.
PTCL Group’s revenue of Rs 43.2 billion in Q1, 2023 is 23.2% higher as compared to the same period of last year. The Group’s profitability was, among other factors, particularly affected by the significant bout of devaluation as the Group has unhedged FOREX liabilities. The Group has posted a net loss of Rs 5.7 billion.
PTCL continued its growth by posting 17.1% YoY revenue growth in Q1, 2023. PTCL’s revenue of Rs 22.95 billion for the quarter is 17.1% higher than Q1 2022, mainly driven by growth in carrier & wholesale and broadband segments.
The company has posted an operating profit of Rs 1.5 billion with a 54.7% growth over last year and a net profit of Rs 5.5 billion for the quarter.
PTCL further strengthened its flag ship FTTH brand, ‘Flash Fiber’, by acquiring the highest net adds in the industry, this was possible through exceptional customer experience and aggressive expansion of fiber network across the country. The rapid rollout of FTTH and strong performance in the carrier & wholesale segments ensured PTCL’s topline growth.
