PTCL Reports Strong Financial Performance for First Half of 2023

Pakistan Telecommunication Company Limited (PTCL), the leading telecommunications and ICT services provider in the country, has announced its financial results for the six-month period ending on June 30, 2023.

During the Board of Directors’ meeting held in Islamabad, PTCL reported impressive growth in operating profit and net profit compared to the previous year. The company’s revenue also saw a significant increase, driven by growth in the Carrier & Wholesale and Broadband segments.

Despite challenges faced by the PTCL Group, including currency devaluation and losses, the group’s revenue showed substantial growth. PTCL’s Consumer Business experienced revenue growth in the fixed broadband and IPTV segments, while the Business Services segment sustained market leadership and achieved revenue growth in enterprise and carrier services.

Also Read: Deterioration of Internet Services in Pakistan Over Recent Years

Ufone, PTCL’s subsidiary, recorded a notable increase in revenue and subscriber base. U Bank, the microfinance and branchless banking subsidiary, also reported significant revenue and net profit growth. However, the telecommunications sector in Pakistan continues to face challenges such as energy tariffs, currency devaluation, and regulatory issues, which require government intervention for relief.

PTCL remains committed to providing innovative solutions and driving digital transformation in Pakistan.