Even though PTCL Group revenue increased by 25.8%
Islamabad: In 2023, Pakistan Telecommunication Company Limited (PTCL) Group had a big loss of Rs14.1 billion, even though their revenue grew by 25.8%. The loss increased from Rs10 billion in 2022 because of high interest rates and more business costs.
During its Board of Directors’ meeting on Tuesday, PTCL Group revealed its financial results for 2023. The company highlighted a major achievement of the year: the signing of a Share Purchase Agreement with Telenor Pakistan BV. This agreement involved acquiring a 100% stake in Telenor Pakistan (Pvt) Ltd for an Enterprise Value of Rs108 billion, without any cash or debt involved.
In the financial year 2024, the Group’s revenue went up by 25.8% to Rs190.6 billion. This increase was mainly because of strong performance in the consumer segment. However, despite this growth in revenue, the company faced a net loss of Rs14.1 billion. This loss was because of the devaluation of the rupee and high interest rates during the year. In 2022, the loss amounted to Rs10 billion, which is lower than the current loss.
PTCL, a subsidiary of the Group, experienced a revenue growth of 15.4%, reaching Rs96.3 billion. The company reported a net profit of Rs9.4 billion, the highest since 2013. This was a 3.7% increase from the previous year. Ufone, another subsidiary, saw its revenue grow by 25.6%. Ongoing network modernization efforts for Ufone 4G fueled this growth. Additionally, the ‘U Microfinance Bank’ recorded an impressive revenue growth of 76.5% in 2023.
