Islamabad
\nPakistan Telecommunication Company Limited (PTCL), the leading provider of telecom and ICT services in the country, has announced its financial results for the quarter ended March 31, 2023. The announcement was made during a Board of Directors\u2019 meeting held in Islamabad on April 17, 2023.
\nDuring the first quarter of 2023, PTCL Group sustained its momentum and strengthened its position as the leading integrated telecom service provider in Pakistan. Despite the ongoing challenging macroeconomic conditions, the Group achieved a 23.2% growth in its revenue compared to the same period of last year. This substantial growth in revenue is primarily attributable to strong performance in the fixed broadband, mobile data, business solutions, and banking services.
\nThe adverse effects of macroeconomic challenges that emerged in the year 2022 continued to affect businesses in 2023 as well. With continuing increase in the energy and fuel tariffs, telecom operators are faced with significant challenges to provide quality services to their consumers at an affordable price point. Pakistan\u2019s balance of payment issues and restrictions imposed by the State Bank of Pakistan on LC opening have impacted the network roll-out timelines of the operators and also resulted in a significant devaluation of PKR against foreign currencies. This deteriorating Rupee-Dollar parity, rising interest rates and additional taxes on telecom operators, over and above the normal corporate tax, have severely affected the profitability. To mitigate the effects of these challenging issues, policy intervention by the Government is required to provide much needed relief to the sector.
\nPTCL further strengthened its flag ship FTTH brand, \u2018Flash Fiber\u2019, by acquiring the highest net adds in the industry, this was possible through exceptional customer experience and aggressive expansion of fiber network across the country. The rapid rollout of FTTH and strong performance in the carrier & wholesale segments ensured PTCL\u2019s topline growth.
\nPTCL\u2019s recently launched an OTT streaming platform \u2018SHOQ\u2019, that provides premium entertainment, sports, and news content to all data users, is bridging the gap for need of high-quality content at an affordable cost. Moreover, PTCL Group partnered with PUBG Mobile and launched the biggest E-Sports gaming competition through its gaming platform \u2018GameKey\u2019. The Group also partnered with DE-CIX to establish Internet Exchange, and Vodafone to introduce end-to-end IoT solutions in Pakistan. PTCL marked International Women\u2019s Day 2023 by launching a dedicated voice package, called SheTalks, for its female customers.
\nPTCL Consumer Business: Steady Performance
\nThe company\u2019s fixed broadband business achieved 17.4% growth in revenue YoY which is primarily attributable to a two-fold increase in Flash Fiber\u2019s revenue and subscribers over comparative quarter. IPTV segment also showed a 6.2% revenue growth YoY. Voice and wireless revenue streams have seen a decline due to continued conversion of customers to OTT services and tough competition from cellular operators.
\nPTCL Business Services:
\nBusiness services segment continued its momentum sustaining market leadership in IP bandwidth, cloud, data center, and other ICT services segments. PTCL\u2019s enterprise business grew by 12.1% as compared to last year, while carrier and wholesale business continued its growth momentum and achieved 36.9% overall revenue growth. International voice revenue has increased by 22.7% as compared to last year. Despite the slowdown of economic activity, overall Business Solutions revenue has shown a remarkable growth of 27.2% on year-on-year basis.
\nBeing the national telecom carrier and connectivity backbone in Pakistan, PTCL Group strives to provide innovative solutions to accelerate growth for a \u2018Digital Pakistan\u2019 through robust telecommunication infrastructure and a diverse portfolio of services with enhanced customer experience. PTCL collaborated with the Ministry of Federal Education to develop an app called Teleschool Pakistan, which aims to provide free digital learning for students. The launch of this app by the Prime Minister of Pakistan in March attracted widespread attention across Pakistan.
\nPTML \u2013 Ufone Highlights:
\nContinuing its growth trajectory, Ufone recorded an impressive 20.0% YoY increase in its revenue. Ufone has recently gained a momentous milestone of achieving 24 million subscribers resulting in a 0.4 percentage point increase in market share. Network modernization activities, carried out in the first quarter of 2023, resulted in better customer experience for Ufone subscribers. With this improved customer experience, growth in engagement acquisition numbers and better data speeds, Ufone has achieved the 2nd highest customer net adds in the industry during the first quarter.
\nUfone 4G recently launched a WhatsApp service for a hassle-free customer experience, collaborated with Nestl\u00e9 Pakistan Limited to establish an advanced customer service solution for Ufone\u2019s BPO operations and partnered with Islamabad United for PSL8.
\nU Bank Highlights:
\nDespite an extremely tough macroeconomic environment, U Bank, the microfinance and branchless banking subsidiary of PTCL, continued its growth trajectory and has achieved a remarkable 73.0% growth in revenue and an impressive 64.5% growth in net profit over the comparative quarter of last year, while maintaining a strong balance sheet position.
\nThe bank 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.
\nCorporate Social Responsibility:
\nDuring the first quarter of 2023, PTCL Group undertook various CSR initiatives to strengthen its position as a national carrier. Amongst these initiatives, Ufone 4G proudly collaborated with ConnectHear to facilitate communication and socialization for the deaf community. The initiative perfectly resonates with Ufone 4G\u2019s brand philosophy of inclusivity, under which we strive to foster equality and shared growth. <\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad Pakistan Telecommunication Company Limited (PTCL), the leading provider of telecom and ICT services in the country, has announced its financial results for the quarter ended March 31, 2023. The announcement was made during a Board of Directors\u2019 meeting held in Islamabad on April 17, 2023. During the first quarter of 2023, PTCL Group sustained […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-326700","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n