AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Pakistan Telecommunication Company Ltd. (PTCL) announced a robust 16% increase in revenue for the calendar year 2024, reaching PkR220 billion, up from PkR189 billion in the same period last year. This growth was fueled by notable performances across its segments, including PTCL, Ufone, and Ubank.
During its latest analyst briefing, PTCL attributed the revenue surge to a 20% rise in its Broadband and IPTV services and an 11% increase in international services. The company also reported a significant 65% growth in FTTH subscriptions, solidifying its position as the leading FTTH operator with over 678,000 subscribers.
Ufone, a subsidiary of PTCL, experienced a 25% revenue growth driven by an expanding customer base and increased pricing. The company’s 4G subscriptions reached 16 million users, which marks a 14% growth year-on-year. The management noted that this momentum has enabled Ufone to achieve operational profitability in the first quarter of CY25.
Regarding its ongoing acquisition of Telenor, PTCL management indicated that all requisite documents had been submitted to the Competition Commission of Pakistan. The acquisition process is currently in Phase 2, awaiting a no-objection certificate. Management anticipates operational cost optimization and network infrastructure dismantling post-acquisition.
On the 5G spectrum front, PTCL stated its interest in participating in the auction, contingent on favorable terms and conditions. The company remains cautious due to previous unfavorable terms in past auctions.
Meanwhile, Ubank, another PTCL subsidiary, is grappling with challenges in its lending portfolio, attributed to rising bad debts and the implementation of IFRS-9. Despite these issues, management remains optimistic about the growth potential of microfinancing in Pakistan.
The briefing concluded with management expressing confidence in PTCL’s strategic direction, while AKD Securities Limited noted that the company is not currently within its formal coverage.