Pakistan Telecommunication Company Limited (PTCL), the leading telecom and ICT services provider in Pakistan, reported a substantial 14% year-on-year revenue growth, reaching Rs 49 billion for the first quarter of 2024.
The financial results for the first quarter ending March 31, 2024, were announced during a Board of Directors meeting held in Islamabad.
The group’s revenues — Pakistan Telecommunication Company Ltd (PTCL), Ufone, and Ubank — increased by 14% to Rs49bn compared to the previous year. The surge in revenue was primarily attributed to remarkable achievements in various segments, notably the consumer sector, which witnessed significant advancements in Fixed Broadband, Mobile Data, and Business Solutions.
The state-owned PTCL is owned 62% by the Government of Pakistan and 26% by e& (formerly known as Etisalat). Hatem Bamatraf is the President and Group CEO of PTCL and Ufone 4G.
PTCL Group Highlights
- Revenue Growth: PTCL Group’s revenue soared by 14% year-on-year, amounting to Rs 49 billion, propelled by robust performance across consumer segments such as fixed broadband, mobile data, and wholesale & business solutions.
- Net Loss: The Group reported a net loss of Rs 4.8 billion, marking a 16% reduction year-on-year.
- PTCL Performance: PTCL maintained its upward trajectory, achieving a 13% year-on-year revenue growth in Q1 2024.
- PTML (Ufone) Growth: Pak Telecom Mobile Limited (PTML) Ufone recorded a remarkable 27% revenue growth compared to Q1 2023.
PTCL key stats
- Revenue Surge: PTCL showcased an impressive performance, with revenue reaching Rs 26 billion in Q1 2024, marking a 13% increase from the previous year. This growth was primarily fueled by advancements in fixed-line and business solutions segments.
- Flash Fiber Success: PTCL’s Flash Fiber, a premium Fiber-To-The-Home (FTTH) service, exhibited remarkable growth, becoming the leading FTTH service provider in Pakistan. The service experienced significant expansion and garnered the highest net additions share within the FTTH market since December 2023.
- Operating Profit: PTCL posted an operating profit of Rs 3 billion, reflecting a substantial 32% increase compared to the same quarter in 2023.
- Net Profit: The company reported a net profit of Rs 431 million.
PTML – Ufone 4G Highlights:
- Revenue Growth: Ufone 4G witnessed a remarkable 27% year-on-year growth in revenue in Q1 2024, supported by extensive network expansion and strategic initiatives. The brand focused on enhancing digital experiences and engagement through data-centric products and partnerships with leading digital platforms.
- Digital Integration: Ufone integrated Golootlo, Waada, and UCloud services into its digital products, enriching the customer experience and creating a more engaging digital environment.
- Network Modernization: Ufone continued its network modernization activities to provide unmatched customer experiences across Pakistan.
During the first quarter of 2024, Ufone 4G and Huawei successfully deployed the World’s First Microwave Super Hub Solution in a Commercial Network to unleash unmatched Spectrum Efficiency. Huawei & Ufone 4G also won the prestigious GSMA Global Mobile (GLOMO) Award ‘Best Mobile Innovation for Emerging Markets’ for revolutionizing the Microwave Network.
PTCL Consumer Business
- PTCL continued its aggressive deployment of FTTH, driving topline growth in collaboration with strategic initiatives in the corporate segment. The company’s flagship ‘Flash Fiber’ brand played a pivotal role in enhancing customer experience, securing a majority share of the market’s net additions in the FTTH segment.
- PTCL entered into a strategic collaboration with Waada to offer health, life, and accident insurance, enriching its value-added services portfolio within the fixed-line business.
PTCL Business Solutions and CSR
PTCL’s Business Solutions segment sustained its market leadership in IP Bandwidth, Cloud, Data Center, and other ICT services segments, achieving a 9% quarterly revenue growth despite external factors such as the addition of LDI operators and parity improvements in US$ to PKR.
PTCL Group also remained actively engaged in corporate social responsibility (CSR) activities, including delivering clean drinking water during floods in Gwadar and providing free calls to connect flood-affected families.
PTCL Group collaborated with PPAF to empower 100 women entrepreneurs with smartphones under the “Ba-Ikhtiar” program in Haripur, Khyber Pakhtunkhwa, facilitating digital inclusion and economic empowerment.
Under the “Ba-Ikhtiar” initiative, participants received smartphones with pre-loaded SIM cards, one-year free data packages, and assistance in setting up UPaisa mobile wallets. The program aims to provide essential tools and financial knowledge to enable sustainable businesses and unlock new opportunities online through digital marketing and financial training, supported by partnerships with Daraz and UBank.
