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Islamabad, 17 Oct 2023:Pakistan Telecommunication Company Limited (PTCL), the country’s prominent telecom and ICT service provider, has revealed financial results for the nine months ending on September 30, 2023. Announced during the Board of Directors’ meeting in Dubai, PTCL Group showcased a notable 26.3% revenue increase in comparison to the same timeframe in 2022, despite the ongoing economic difficulties.
During the first nine months of 2023, PTCL Group persisted in its strong performance, asserting its position as Pakistan’s premier integrated telecom service provider. The remarkable revenue increase can be chiefly credited to significant advancements in fixed broadband, mobile data, business solutions, and mobile banking services.
While PTCL Group recorded a revenue of Rs 139.6 billion, indicating a 26.3% rise from last year, the Group registered a net loss of Rs 9.3 billion. This loss was mainly due to significant Rupee devaluation as the Group possesses unhedged FOREX liabilities.
Individual sector highlights include:
PTCL: Experiencing a 17.2% YoY revenue increase, the firm generated a revenue of Rs 71.6 billion. Influences for this growth include expansion in Carrier and Wholesale, Enterprise, and Broadband segments. PTCL also reported an operating profit of Rs 4.2 billion and a net profit of Rs 7.6 billion.
PTML – Ufone 4G: Achieving a historic milestone, Ufone 4G surpassed 25 million subscribers in Q3’23 and observed a 24.3% YoY revenue enhancement. The growth was attributed to strategic partnerships with digital platforms and better customer experience.
Ubank: The microfinance and branchless banking subsidiary of PTCL reported an 80.3% growth in revenue compared to the previous year, underscoring its commitment to comprehensive financial services across the country.
On the corporate social responsibility front, PTCL Group has been actively involved in multiple CSR activities throughout the first nine months of 2023. Noteworthy ventures include collaboration with GSMA to address Digital Gender Disparity, a tree planting campaign in partnership with the Parks and Horticulture Authority, facilitating free calls to areas affected by natural disasters in North Africa, and sign language training in collaboration with ConnectHear for its Customer Service Center.
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