PTCL has announced its financial results for the fiscal year 2024, marking a year of impressive growth and innovation. With a 17 percent increase in revenue, PTCL Group has reinforced its position as Pakistan’s leading integrated telecom service provider, demonstrating strong performance across multiple segments, including fixed broadband, mobile data, and business solutions.
The company reported total revenue of Rs. 219.7 billion, a significant achievement driven by an expanding customer base and technological advancements. PTCL, the fixed-line and broadband arm, recorded a 12 percent year-on-year revenue increase, bringing in Rs. 107.7 billion. Meanwhile, Ufone (PTML) posted an exceptional 25 percent revenue surge, reflecting the company’s strategic focus on digital transformation and customer engagement. The financial turnaround of Ufone was evident, with the company achieving a positive operating profit, registering an EBIT of Rs. 4.6 billion. U Microfinance Bank (U Bank), another subsidiary of PTCL Group, also made headlines, being recognized as the Best Microfinance Bank for Islamic Retail Banking Offerings in Pakistan at the prestigious 10th Islamic Retail Banking Awards (IRBA).
A landmark development for PTCL Group in 2024 was the announced acquisition of Telenor Pakistan, a move that is expected to reshape the competitive landscape of the telecom sector in Pakistan. The signing of the Share Purchase Agreement (SPA) in December 2023 signaled a major shift in the industry, pending regulatory approvals. The transaction is expected to be completed in the first half of 2025, further solidifying PTCL’s market dominance.
PTCL’s flagship fiber-to-the-home (FTTH) service, Flash Fiber, witnessed extraordinary growth in 2024, capturing nearly 50 percent of new industry additions in the FTTH segment. The company’s broadband division grew by 20 percent year-on-year, while Flash Fiber recorded an unprecedented 104 percent increase. With over 650,000 FTTH subscribers, PTCL’s aggressive expansion strategy has reinforced its leadership in high-speed internet services. The launch of innovative products such as the SHOQ TV Box, a smart HD IP camera system called Flash Eye, and a WhatsApp-based customer service bot has further enhanced PTCL’s reputation for customer-centric digital solutions.
On the enterprise front, PTCL Group expanded its Data Center and Public Cloud services, providing state-of-the-art infrastructure for businesses across Pakistan. Its digital solutions, including secure and scalable Multi-Cloud services, have been widely adopted by government agencies, financial institutions, and private corporations. This expansion aligns with PTCL’s vision of becoming Pakistan’s foremost digital enabler, facilitating seamless connectivity and robust data security for businesses.
Ufone 4G’s impressive 25 percent revenue growth in 2024 was driven by a strong digital engagement strategy and a focus on customer experience. The telecom operator surpassed 26 million total subscribers, with its 4G user base reaching 17 million. Ufone introduced a range of value-added services, including partnerships with digital platforms such as Golootlo, Waada, and Shoq, offering customers an enriched experience. Additionally, Ufone launched a “Roam Like Home” service, providing affordable international roaming options across 27 countries, as well as an exclusive data roaming package for Hajj and Umrah pilgrims.
Another noteworthy development was the rise of PTML’s digital brand, ONIC, which experienced a threefold increase in subscriber growth and a sevenfold revenue increase in 2024. With over 40 feature enhancements throughout the year, ONIC has positioned itself as an innovative and disruptive player in Pakistan’s telecom sector. PTCL Group also made significant strides in mobile financial services, particularly in nano lending and digital payments. The launch of a Mastercard-powered payment solution and the rapid adoption of Mobile Financial Services (MFS) led to a 75 percent increase in transactions, doubling the number of monthly active users in this segment.
In the branding and corporate social responsibility arena, PTCL Group enjoyed a landmark year. Ufone 4G’s “Data Bohhaaat Hai” campaign, which emphasized its dominance in the digital space, received multiple awards, including the prestigious Black Dragon Award. The company also strengthened its association with national sports by signing Olympic gold medalist javelin thrower Arshad Nadeem as a brand ambassador and partnering with the Pakistan Hockey Team to promote the sport on an international level. Social impact remained a key focus for PTCL Group, with the launch of its “Dil Se” initiative, a dedicated platform for community service projects. Under this program, the “Ba-Ikhtiar” initiative, in collaboration with the Pakistan Poverty Alleviation Fund (PPAF), empowered women entrepreneurs by providing vocational training, smartphones with free data, and e-commerce training. Selected entrepreneurs were even given the opportunity to showcase their businesses at GITEX Global in Dubai.
As part of its corporate social responsibility efforts, PTCL Group launched an “Act of Kindness” campaign, distributing free train tickets and Eid gifts to underprivileged travelers, providing e-bikes to female university students, and ensuring clean drinking water access for 15,000 people in Umerkot, Thar. The company also partnered with GSMA to develop an AI-powered disaster alert system for the deaf community in Pakistan and collaborated with the Pakistan Red Crescent Society to install water pumps in flood-affected areas. The Group’s commitment to gender equality was evident through its support of women’s sports, particularly in Khyber Pakhtunkhwa, where it hosted the province’s first-ever women’s cricket tournament. Additionally, PTCL Group played an active role in Pakistan’s polio eradication campaign by leveraging Ufone’s network to spread awareness about vaccinations.
Overall, PTCL Group’s stellar performance in 2024 underscores its strategic vision and relentless pursuit of innovation. With record-breaking revenue growth, aggressive market expansion, and a strong commitment to digital transformation, PTCL is well-positioned to lead Pakistan’s telecom and digital economy into the future. As the company awaits regulatory approval for the Telenor acquisition, the coming year promises further milestones in its journey toward becoming Pakistan’s most comprehensive telecom powerhouse.
