Pakistan Telecommunication Company Limited (PTCL), the country’s premier provider of telecom and ICT services, has disclosed its financial results for the six-month period ending June 30, 2023. The declaration was announced in the organization’s Board of Directors meeting on Wednesday in Islamabad.
A net income of Rs. 6.9 billion and an outstanding 57 percent increase in operating revenue of Rs. 2.9 billion were reported by the company. Gains on the sale of obsolete assets brought on by network upgrades and fiberization. And a surge in non-operating income from translation gains on the company’s foreign-denominated receivables both contributed significantly to the 34.5 percent increase in net profit over the same period last year.
PTCL’s revenue during the period of Rs. 46.9 billion is 17.3% higher than in 2022. This happened mostly due to development in the carrier and wholesale and broadband categories.
Team PTCL
Net loss for the PTCL Group was Rs. 8.5 billion. Nevertheless, the Group reported sales of Rs. 90.9 billion in 2023. This is an increase of 26.8% over the same period the previous year. Significant Rupee depreciation in the first quarter, among other things, had a negative impact on the Group’s earnings because it had unhedged FOREX liabilities.
The remarkable performance across several areas, including broadband connectivity, mobile data, business solutions. Also financial services, is principally responsible for the increase in PTCL Group’s revenue.
Consumer Business at PTCL
With regard to the same period last year, fixed broadband division of PTCL had revenue growth of 17.2% and the company accomplished vital net subscriber additions. This was possble through outstanding customer experiences and aggressive fiber network expansion across the nation.
The business further strengthened its flagship FTTH brand, “Flash Fiber.” And this contributed significantly to the achievement of a substantial rise in FTTH revenue of 106.5 percent.
The IPTV segment likewise demonstrated a 5.8% YoY revenue gain. Voice and cellular revenue streams are still on a downward trend. As a result of OTT services and fierce cellular operator competition.
Ufone PTML
Ufone continued on its upward trajectory, recording an amazing 22.4 percent YoY gain in revenue. The company reached a subscriber base of 24.5 million. The first half of 2023 saw network upgrade initiatives. This improved the client satisfaction of Ufone subscribers.
For its prepaid clients who were traveling to Saudi Arabia for the holy pilgrimage, Ufone launched the Best Value Data Roaming Offer. Ufone introduced numerous LTE packages via our international partners in all main locations. It is modernizing its IR services.
The company added a Quick Response Code Scan feature to its digital app. The business also improved the user experience for its digital wallet, UPaisa, bringing consumers new levels of ease and streamlining financial transactions.
The obstacles
The negative effects of the macroeconomic problems emerged in 2022. They are still having an impact on the business environment in 2023. It is challenging for telecom carriers to offer users high-quality services at competitive pricing. This problem is due to the rising energy and fuel tariffs.
Plans for network expansion by the operators have been hampered by delays in LC opening. Profitability has been significantly damaged by the first quarter’s significant depreciation of the Pakistani Rupee. As well as increased interest rates and an additional super tax on top of regular corporate tax. It is imperative for the government to implement policies that address these challenging issues in the sector and mitigate their adverse impacts.
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