PTCL posts profit of Rs9b

Group achieved double-digit revenue growth of 10.2% - the highest in its history

ISLAMABAD:

Pakistan Telecommunication Company Limited (PTCL) has posted a profit of Rs9 billion in the year 2022. On the contrary, Ufone has recorded a loss of more than Rs1 billion per month during the year.

The PTCL group achieved double-digit revenue growth of 10.2% to Rs151.6 billion during the financial year 2022, from January to December. The company posted an 8.6% growth in its revenues to Rs83.4 billion for the year 2022, the highest ever in its history.

While the major revenue earner for PTCL had been Fibre-To-The-Home (FTTH) service, the voice and wireless broadband segments of PTCL witnessed a decline due to conversion of customers to internet-based voice services and competition from cellular operators.

The net profit of PTCL was Rs9 billion, the highest since 2013, and 31.7% higher as compared to previous year.

On the other hand, Ufone achieved 7.1% growth in its revenues. The U Microfinance Bank posted 35.4% revenue growth during 2022.

PTCL management said that the group’s profitability remained under pressure due to a significant hike in power and fuel tariffs, devaluation of the rupee against the dollar, higher interest rates and other costs associated with the acquisition of 4G spectrum and related network rollout.

U Bank’s balance sheet reached Rs221 billion as the bank continued to diversify its asset classes and funding streams while ensuring positive bottom-line impact.

Published in The Express Tribune, February 16^th, 2023.

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