PTCL’s loss jumped to Rs. 14 billion in 2023

Staff Report

PTCL’s loss jumped to Rs. 14 billion in 2023 despite posting revenue growth of 25.8 percent.

Its Loss increased from Rs 10 billion in 2022 to PKR 14 billion in 2023 due to record-high interest rates and an increase in business costs.

PTCL Group Growth has Surged ahead with 25.8% Revenue in 2023.

PTCL Group, Pakistan’s leading telecom and ICT services provider, capped off a remarkable 2023 with a solid 25.8% year-on-year (YoY) revenue surge to Rs 190.6 billion.

This impressive growth was fueled by strong performance across various segments, including consumer (fixed broadband, mobile data), wholesale & business solutions, and microfinance services.Telecom equipment at high-rise buildings Lack Standardized Guidelines: PTA

While profitability was impacted by external factors like Rupee devaluation and high-interest rates, resulting in a net loss of Rs 14.1 billion, the Group’s overall performance remained exceptional.

PTCL Drives Growth with Broadband and Enterprise Solutions

PTCL, the core subsidiary, continued its upward trajectory with a 15.4% YoY revenue increase to Rs 96.3 billion.

This growth was primarily driven by the success of its broadband segment, particularly Flash Fiber, which captured the highest net adds share within the FTTH market.

PTCL also saw significant growth in its wholesale & business solutions segment, contributing to its highest net profit of Rs 9.4 billion since 2013.

PTML (Ufone) Emerges as Industry Leader:

PTML, known as Ufone, emerged as the clear leader in the telecom industry with an exceptional 25.6% YoY revenue growth, surpassing all competitors.

This impressive achievement was driven by superior customer experience, strategic partnerships, and industry-leading 4G net adds.

U Bank Delivers Stellar Performance:

U Bank, PTCL Group’s microfinance and branchless banking subsidiary, maintained its strong momentum by achieving a remarkable 76.5% YoY revenue growth while upholding a robust balance sheet.

This growth signifies the bank’s commitment to financial inclusion across the country.

Strategic Acquisitions and Digital Transformation:

PTCL Group further strengthened its position through the strategic acquisition of Telenor Pakistan for Rs 108 billion.

Additionally, the launch of ONIC, an ambitious all-encompassing digital platform, marks a pivotal step towards digital transformation, offering a diverse range of services from e-commerce and finance to entertainment and connectivity solutions.

Partnerships and Recognition:

PTCL Group’s commitment to excellence was recognized through prestigious awards like “Best Place to Work in Technology & Telecom Sector” and “Most Facilitating Employer.”

Additionally, strategic partnerships with the Pakistan Cricket Team and Peshawar Zalmi solidified the Group’s brand image and connection with the community.

Corporate Social Responsibility:

PTCL Group remained actively involved in various CSR initiatives throughout 2023, demonstrating its dedication to social impact.

Notably, the Group supported Pehli Kiran Schools by ensuring seamless internet access for underprivileged children and actively participated in national campaigns like the Polio Eradication Program and environmental initiatives.

PTCL Group’s remarkable performance in 2023 reflects its strong commitment to innovation, customer focus, and digital transformation. As the Group continues to expand its reach and services, it remains poised to play a pivotal role in shaping Pakistan’s digital future.