PTCL Posts 26.8% Revenue Growth In Six Months

The revenue of Pakistan Telecommunication Company Limited (PTCL) has jumped to Rs 90.9 billion posting a growth of 26.8 per cent during the first six months of the current year as compared to the corresponding period of last year

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th Jul, 2023 ):The revenue of Pakistan Telecommunication Company Limited (PTCL) has jumped to Rs 90.9 billion posting a growth of 26.8 per cent during the first six months of the current year as compared to the corresponding period of last year.

The financial results for six months were announced during the Board of Directors' meeting on Wednesday, said a news release.

Throughout the first half of 2023, the PTCL Group sustained its momentum, further solidifying its position as the leading integrated telecom service provider of Pakistan.

"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 press release said.

The PTCL achieved 17.2 per cent revenue growth over the same period last year in the fixed broadband business. The company further strengthened its flagship FTTH brand, 'Flash Fiber' by achieving significant net subscriber additions through exceptional customer experiences and aggressive expansion of the fiber network across the country which played a vital role in achieving a significant increase in FTTH revenue by 106.5 per cent.

The IPTV segment also showed a 5.8 per cent revenue growth Year-on-Year basis (YoY). Voice and wireless revenue streams continue the declining trajectory as they are impacted by OTT services and tough competition from cellular operators.

The PTCL's enterprise business grew by 21.1 per cent as compared to the last year, while carrier and wholesale business continued its growth momentum and achieved 34.9 per cent overall revenue growth. International voice revenue has increased by 18.6 per cent as compared to last year.

"As the national telecom carrier and connectivity backbone in Pakistan, the PTCL Group is committed to deliver innovative solutions that drive the growth of a 'Digital Pakistan'. This is achieved through the establishment of robust telecommunication infrastructure and a wide range of services, all aimed at enhancing the customer experience and accelerating progress in the country," the press release added.

The PTCL collaborated with Vodafone to bring industry-leading IoT products, services and solutions to the Pakistani market. "The partnership will allow to development and deliver of a full suite of end-to-end IoT services aimed towards accelerating enterprise digital enablement and improving the adoption of connected services in Pakistani society," it added.

Ufone recorded an impressive 22.4 per cent YoY increase in its revenue and has achieved 24.5 million subscribers base. Network modernization activities carried out in the first six months of 2023, resulted in better customer experience for Ufone subscribers.

Ufone introduced the best value Data Roaming Offer for its prepaid customers, who embarked on the holy pilgrimage to Saudi Arabia. Ufone is upgrading its IR services by launching various LTE products with our roaming partners in all major destinations. The company also upgraded its digital wallet 'UPaisa' to provide a high-quality user journey by introducing a QR Code Scan feature on its digital app to bring unprecedented convenience to its users and simplify financial transactions.

U Bank, the microfinance and branchless banking subsidiary of PTCL, continued its growth trajectory and has achieved a remarkable 96.5% growth in revenue and an impressive 27.9 per cent growth in net profit over the corresponding period of last year while maintaining a strong balance sheet position.

During the first six months of 2023, PTCL Group undertook various CSR initiatives to strengthen its position as a national carrier. Amongst these initiatives, a massive blood donation campaign was held in Islamabad in connection with 'World Blood Donor Day'. The initiative stems from PTCL Group's continuous commitment to creating shared value and giving back to society.

In addition, Ufone embarked on a shared initiative with the Polio Eradication Initiative (PEI) in Pakistan to raise awareness amongst the citizens regarding the importance of polio eradication through vaccination.