Strong 2023 operational performance boosts PTCL Group revenue to record high

PTCL Group has had a significant increase in revenue, with a growth rate of 25.8% in the financial year 2023. PTCL Group has consistently demonstrated robust performance, solidifying its position as the leading integrated telecommunications service provider in Pakistan. Pakistan Telecommunication Company Limited (PTCL) had a significant increase of 15.4% in its revenues, which can be attributed to its impressive performance in both the retail and business sectors. Similarly, Ufone recorded a remarkable growth of 25.6% in its revenues. During 2023, the subsidiary of the Group, U Microfinance Bank, saw significant growth and achieved a revenue increase of 76.5%.

The corporation disclosed its yearly financial outcomes for the year 2023 during its Board of Directors’ assembly convened in Islamabad on February 13, 2024.


The PTCL Group
The revenue of PTCL Group has experienced a year-on-year increase of 25.8%, amounting to Rs 190.6 billion. This growth may be attributed to the exceptional performance of the consumer segment, particularly in fixed broadband, mobile data, wholesale & business solutions, and microfinance services. The Group’s profitability was notably impacted by substantial Rupee devaluation and elevated interest rates during the year, among other issues. The Group has recorded a net loss of Rs 14.1 billion.

Strong 2023 operational performance boosts PTCL Group revenue to record high

PTCL’s most significant achievement in 2023 was the completion of a Share Purchase Agreement with Telenor Pakistan B.V. (Telenor) to obtain full ownership of Telenor Pakistan (Pvt) Ltd (Telenor Pakistan) for a total value of PKR 108 billion, without any cash or debt obligations.

PTCL maintained its robust success throughout the year 2023. PTCL recorded a revenue of Rs 96.3 billion in 2023, representing a 15.4% increase compared to the previous year. This rise can be attributed mostly to the expansion of the broadband and wholesale & business solutions divisions. Flash Fibre, PTCL’s high-end Fiber-To-The-Home (FTTH) service, experienced significant expansion, achieving the most increase in new subscribers within the FTTH market in 2023. The remarkable progress has been achieved employing the proactive expansion of PTCL Flash Fibre and a strong focus on delivering exceptional customer service nationwide.

The company’s net profit for the year was Rs 9.4 billion, the highest it has been since 2013. This is a 3.7% increase compared to the previous year. PTCL’s topline growth is primarily driven by the rapid deployment of FTTH (Fiber-to-the-Home) and success in the Corporate and Wholesale categories.

PTCL’s consumer business has had a significant 17.4% year-on-year growth in its fixed broadband sector, driven by the ambitious expansion of its FTTH (Fiber-to-the-Home) network. Flash Fibre experienced an exceptional growth rate of 106.8%, capturing the majority of the market’s new customers. In comparison, the PTCL IPTV category also expanded by 2.5% year over year. The revenue streams from Voice and Charji had a steady decline due to the influence of OTT services and competition from cellular operators.

Corporate Solutions:

The business services segment maintained its strong position in the market by leading in IP Bandwidth, Cloud, Data Centre, and other ICT services segments. PTCL’s Enterprise division experienced a growth rate of 25.7% in comparison to the previous year. Additionally, the Carrier and Wholesale division maintained its growth pace and achieved an overall revenue growth of 21.9%. The international voice revenue has shown a growth of 17.9% in comparison to the previous year. The revenue of Overall Business Solutions has increased by 21.9% compared to the previous year.

As the primary telecommunications provider and connectivity foundation in Pakistan, PTCL Group aims to offer inventive solutions to expedite the development of a ‘Digital Pakistan’ by establishing a strong telecommunications infrastructure and a wide range of services that prioritise customer satisfaction.

PTCL Group, serving as Pakistan’s primary means of connectivity, is leading the way in offering inventive solutions that enhance the concept of a ‘Digital Pakistan’. This is achieved through the establishment of robust telecommunication infrastructure and the provision of a wide array of services, all to enhance customer happiness and expedite the process of digitization inside the nation.

PTCL Group has appointed Babar Azam, Haris Rauf, and Naseem Shah, prominent Pakistani cricket players, as brand ambassadors. This decision aims to honour the country’s fervent enthusiasm for cricket and to garner support for the Pakistan Cricket Team in their upcoming ICC Cricket World Cup 2023 campaign.

PTCL Group has received the prestigious accolade of ‘Best Place to Work in the Technology & Telecom Sector’ from PSHRM-Engage Consulting. Additionally, PTCL Group has been honoured as the ‘Most Facilitating Employer’ at the NUST Placement Recognition Awards 2023.

PTML, also known as Ufone, achieved remarkable success in the telecom sector in 2023. It experienced outstanding revenue growth of 25.6%, beating all other competitors. Ufone 4G achieved the highest number of new 4G connections in the business. The growth has been facilitated by enhanced customer experience and digital interaction through various data-driven products and smart collaborations with prominent digital platforms. Ufone 4G is actively upgrading its network infrastructure to ensure unparalleled client satisfaction throughout Pakistan.

The implementation of ONIC, PTCL Group’s ambitious initiative, signifies a crucial stride towards digital transformation. ONIC strives to be a comprehensive digital platform, providing a wide range of services including e-commerce, financial services, entertainment, and connectivity solutions. PTCL and Ufone 4G have formed a strategic partnership with the prestigious Pakistani cricket team, Peshawar Zalmi, for the upcoming 9th edition of the Pakistan Super League (PSL).

U Bank, a subsidiary of PTCL that specialises in microfinance and branchless banking, has experienced impressive growth with a revenue increase of 76.5% compared to the same period last year. The bank has also maintained a strong balance sheet position by diversifying its asset classes and funding streams, resulting in a positive impact on its bottom line. The bank is dedicated to promoting financial and social inclusion. It achieves this by offering a wide range of services to a diverse group of customers throughout the country. These services include rural retail banking, corporate finance and investment banking, Islamic banking, urban retail banking, corporate banking, and digital banking.

Corporate Social Responsibility (CSR) refers to the ethical and responsible behaviour of companies towards society and the environment.

In 2023, PTCL Group actively participated in a range of Corporate Social Responsibility (CSR) initiatives, demonstrating a strong dedication to creating a beneficial influence on society. An important endeavour is assisting Pehli Kiran Schools in underdeveloped regions of Islamabad by supplying Evo Charji Devices, guaranteeing uninterrupted internet access for children who are not attending school.

In addition, the PTCL Group actively engaged in national endeavours such as the Polio Eradication Campaign in collaboration with UNICEF. Furthermore, the company organised a large-scale blood donation event at its headquarters to coincide with ‘World Blood Donor Day’. The organisation partnered with GSMA to provide a knowledge-sharing session focused on tackling the gender disparity in mobile usage in Pakistan. A tree plantation effort was conducted in partnership with the Parks & Horticulture Authority to advance environmental conservation.

Hamza Mumtaz

Hamza is a Tech writer specializing in the intersection of tech and culture.

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