Pakistan Telecommunication Company Limited (PTCL) reported solid growth in the first quarter of 2024, with a 13% year-on-year (YoY) increase in revenue to Rs. 26 billion. This strong performance was driven by advancements in fixed line and business solutions.
PTCL’s operating profit surged 32% YoY to Rs. 3 billion, showcasing its operational efficiency. The company’s standalone net profit reached Rs. 431 million.
PTCL Group, including its subsidiaries, reported a 14% YoY revenue increase to Rs. 49 billion. This growth was primarily fueled by the consumer segment, particularly fixed broadband, mobile data, and wholesale & business solutions. However, the group incurred a net loss of Rs. 4.8 billion, reflecting a 16% YoY improvement.
Ufone, a PTCL subsidiary, experienced a remarkable 27% revenue surge compared to Q1 2023, highlighting its strong performance.
PTCL’s consumer business thrived thanks to its ‘Flash Fiber’ FTTH deployment, solidifying its leading position in the market. Fixed broadband grew 22% YoY, while voice services climbed 4% YoY. Additionally, PTCL partnered with Waada to offer health, life, and accident insurance, expanding its service portfolio.
PTCL Group’s commitment to innovation is evident with the launch of ‘SHOQ TV,’ an Android TV box unveiled at MWC 2024. This initiative reflects the company’s focus on enhancing customer experience through cutting-edge technology.
PTCL’s business solutions segment maintained its market leadership, experiencing a 9% quarterly revenue increase in IP bandwidth, cloud, data center, and other ICT services.
Ufone 4G, another PTCL Group entity, saw a stellar 27% YoY revenue growth in Q1 2024 due to network expansion, digital initiatives, and strategic partnerships. Ufone’s focus on integrating value-added services aims to provide a comprehensive and enriched customer experience.
PTCL’s microfinance subsidiary, Ubank, continues its mission of financial inclusion through digital channels and international remittance services.
PTCL’s impressive financial results underscore its commitment to innovation, customer satisfaction, and driving Pakistan’s digital transformation journey.