PTCL Posts 13% Profit Growth in First Quarter of 2024

Pakistan Telecommunication Company Limited (PTCL), the leading telecom and ICT services provider in the country, has announced its financial results for the quarter ending March 31, 2024. The announcement was made during a Board of Directors meeting in Islamabad.

PTCL continued its strong performance throughout Q1, 2024. PTCL achieved revenue of Rs. 26 billion for this quarter, which is 13 percent higher than last year, mainly driven by growth in fixed line and business solutions segments.

The company has posted an operating profit of Rs 3 billion, which is 32 percent higher as compared to the same quarter of 2023. PTCL on stand alone basis has posted a net profit of Rs. 431 million.

PTCL Group

PTCL Group’s revenue has increased by 14 percent YoY to Rs 49 billion, mainly driven by strong performance in the consumer segment led by fixed broadband, mobile data, and wholesale & Business Solutions. The Group has posted a net loss of Rs 4.8 billion which is 16% lower YOY.

Meanwhile, PTML’s (Ufone) revenue grew by 27 percent compared to Q1, 2023.

PTCL Consumer Business

PTCL’s aggressive deployment of FTTH and the strong performance of the corporate segment are the cornerstones for the topline growth. Continuing from the past quarters, PTCL’s strategic focus remained on enhancing customer experience by providing the fastest and most reliable internet services under its flagship ‘Flash Fiber’ Fiber-To-The-Home (FTTH) brand, which boosts PTCL as one of the leading FTTH operators in the industry with a majority share of the market’s net adds. PTCL’s fixed broadband business has shown 22% YoY growth while voice grew by 4 percent YoY.

In addition, PTCL’s consumer business has gone into a strategic collaboration with Waada to provide health, life, and accident insurance to further enhance customer experience and grow its value-added services portfolio within the fixed-line business.

PTCL Group’s commitment towards its customers was further solidified by announcing the launch of a cutting-edge Android TV box (SHOQ TV) at Mobile World Congress (MWC) 2024 in Barcelona Spain. Integrating multiple Google apps, including the Play Store, into the set-top box along with a sleek UI and captivating graphics promises to deliver a transformative user experience. 

PTCL Business Solutions

The Business Solutions segment continued its momentum sustaining market leadership in IP Bandwidth, Cloud, Data Center, and other ICT services segments. PTCL’s Business solutions revenue has grown by 9 percent on a quarterly basis despite the addition of LDI operators and US$ to PKR parity improvement.

Being the national telecom carrier and connectivity backbone in Pakistan, PTCL Group strives to provide innovative solutions to accelerate growth for a ‘Digital Pakistan’ through robust telecommunication infrastructure and a diverse portfolio of services with enhanced customer experience.

PTCL Group is at the forefront of providing innovative solutions that strengthen the idea of a ‘Digital Pakistan’. This is accomplished by building a strong telecommunication infrastructure and offering a diverse range of services, all focused on elevating customer satisfaction and accelerating progress in the nation. In light of this, PTCL launched its first neutral Internet Exchange in Pakistan powered by DE-CIX. In addition, PTCL Group renewed its partnership with TPL Trakker for the provision of ICT services and with SNGPL for cellular services.

PTML – Ufone

Ufone 4G posted a YoY growth of 27 percent in topline in Q1 2024 supported by solid network expansion and strategic initiatives in Q1’24. This growth has been possible due to better customer experience and digital engagement through multiple data-centric products and strategic partnerships with leading digital platforms. Ufone 4G continues its network modernization activities to provide unmatched customer experience across Pakistan.

Ufone 4G is making significant strides in enhancing its digital experience and offerings through the integration of various value-added services (VAS) within its key digital products. By incorporating Golootlo, Waada, and UCloud services into its leading digital products, Ufone is providing a more comprehensive and enriched experience for its customers. By integrating these VAS services, Ufone is likely striving to create a more engaging and attractive digital environment for its users.

Ufone’s UPaisa is now part of e&Money, UAE and MobilyPay, KSA Apps menu, facilitating Pakistani diaspora to send money directly into UPaisa wallets by using these apps. As part of the digital transformation initiative, now Ufone franchises can order and pay from the UPaisa app to buy recharge from Ufone in real-time 24/7.

PTML’s digital brand onic is making steady strides in the industry by providing customers with a complete digital ecosystem for an enhanced experience.

During the first quarter, Ufone 4G & Huawei successfully deployed the World’s First Microwave Super Hub Solution in a Commercial Network to unleash unmatched Spectrum Efficiency. Another feather in the cap during Mobile World Congress; Huawei & Ufone 4G won the prestigious GSMA Global Mobile (GLOMO) Award ‘Best Mobile Innovation for Emerging Markets’ for revolutionizing the Microwave Network.

Ubank

Ubank, a microfinance and branchless banking subsidiary of PTCL stands resolute in its commitment towards financial and social inclusion, utilizing its extensive outreach to provide exceptional services to a diverse clientele across the length and breadth of the country through its rural retail banking, corporate finance & investment banking, Islamic banking, urban retail banking, corporate banking, and digital banking canvases. Keeping up with the mandate of financial inclusion, Ubank launched international remittances via e& from GCC, Mastercard and other related digital initiatives aimed at increasing the digital footprint of the group.