PTCL Group Records A Loss Of Rs14.1 Billion In FY23

During the fiscal year 2023, the PTCL Group faced a combined net loss of Rs14.1 billion, despite achieving a revenue growth of 25.8%. This loss, which increased from Rs10 billion in 2022, was primarily attributed to record-high interest rates and rising business costs.

The annual financial results for 2023 were disclosed during the PTCL Group’s Board of Directors’ meeting held on Tuesday. According to an official statement, the most significant development for PTCL during the year was the signing of a Share Purchase Agreement with Telenor Pakistan BV, acquiring a 100% stake in Telenor Pakistan (Pvt) Ltd for an Enterprise Value of Rs108 billion on a cash-free, debt-free basis.

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The Group’s revenue witnessed a notable increase of 25.8%, reaching Rs190.6 billion in FY2024, driven by strong performance in the consumer segment. Despite this revenue growth, the company incurred a net loss of Rs14.1 billion, attributed to rupee devaluation and the prevailing high-interest rates throughout the year, compared to Rs10 billion in 2022.

PTCL, a subsidiary of the Group, achieved a 15.4% growth in revenue, reaching Rs96.3 billion. The company reported a net profit of Rs9.4 billion, the highest since 2013, marking a 3.7% increase from the previous year. Ufone, another subsidiary, experienced a revenue growth of 25.6%, propelled by ongoing network modernization activities for Ufone 4G. Additionally, the ‘U Microfinance Bank’ demonstrated remarkable revenue growth of 76.5% in 2023.