ISLAMABAD-Pakistan Telecommunication Company Limited (PTCL), the leading provider of telecom and ICT services in the country, has announced its financial results for the quarter ended March 31, 2023. The announcement was made during a Board of Directors’ meeting held in Islamabad on April 17, 2023. During the first quarter of 2023, PTCL Group sustained its momentum and strengthened its position as the leading integrated telecom service provider in Pakistan. Despite the ongoing challenging macroeconomic conditions, the Group achieved a 23.2% growth in its revenue compared to the same period of last year. This substantial growth in revenue is primarily attributable to strong performance in the fixed broadband, mobile data, business solutions, and banking services.
PTCL Group Highlights
• 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.
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• PTCL continued its growth by posting 17.1% YoY revenue growth in Q1, 2023.
• PTML’s (Ufone) revenue grew by 20.0% YoY as compared to Q1, 2022.
• U Bank continued its growth momentum and has achieved a 73.0% growth in its quarterly revenue over the same period of last year.
PTCL Highlights
• 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. Increase in non-operating income, due to translation gain on the company’s forex denominated receivables, dividend income from a subsidiary and gain on disposal of obsolete assets due to upgrade and fiberization of network, played a significant role in achieving 187.2% increase in the company’s net profit as compared to same period of last year.
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PTCL Consumer Business: Steady Performance
The company’s fixed broadband business achieved 17.4% growth in revenue YoY which is primarily attributable to a two-fold increase in Flash Fiber’s revenue and subscribers over comparative quarter. IPTV segment also showed a 6.2% revenue growth YoY. Voice and wireless revenue streams have seen a decline due to continued conversion of customers to OTT services and tough competition from cellular operators.
PTCL Business Services:
Business services segment continued its momentum sustaining market leadership in IP bandwidth, cloud, data center, and other ICT services segments. PTCL’s enterprise business grew by 12.1% as compared to last year, while carrier and wholesale business continued its growth momentum and achieved 36.9% overall revenue growth. International voice revenue has increased by 22.7% as compared to last year. Despite slowdown of economic activity, overall Business Solutions revenue has shown a remarkable growth of 27.2% on year-on-year basis.
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PTML – Ufone Highlights:
Continuing its growth trajectory, Ufone recorded an impressive 20.0% YoY increase in its revenue.
U Bank Highlights:
Despite an extremely tough macroeconomic environment, U Bank, the microfinance and branchless banking subsidiary of PTCL, continued its growth trajectory and has achieved a remarkable 73.0% growth in revenue and an impressive 64.5% growth in net profit over the comparative quarter of last year, while maintaining a strong balance sheet position.
The Nation, 19 Apr, 2023