PTCL has announced its financial results for the third quarter ending September 30, 2024. The results were unveiled during a Board of Directors meeting in Islamabad, highlighting PTCL Group’s continued momentum and growth in the telecom sector.
For the quarter, PTCL Group reported a 15.3% year-on-year (YoY) increase in revenue, reaching Rs. 160.6 billion. This growth was largely driven by strong performances in the consumer segment, notably in fixed broadband, mobile data, and Business Solutions. Despite the revenue increase, the Group posted a net loss of Rs. 15.3 billion, though it maintained an operating profit of Rs. 1.6 billion.
PTCL’s individual performance also showed robust results, with a revenue increase of 11.1% YoY to Rs. 79.5 billion for the first nine months of 2024. The company posted an operating profit of Rs. 8.2 billion, a 27.6% rise compared to the same period in 2023, and a net profit of Rs. 1 billion. This growth was largely driven by the aggressive deployment of Fiber-To-The-Home (FTTH) technology under its ‘Flash Fiber’ brand, resulting in a significant 20.4% YoY growth in the fixed broadband segment and an impressive 111.5% surge in Flash Fiber subscribers, now exceeding 600,000.
PTCL’s enterprise business also experienced growth, with a 38.3% increase in revenue compared to the previous year. This expansion reflects PTCL’s leadership in offering IP bandwidth, cloud, data center, and ICT services. Noteworthy engagements include partnerships with organizations such as Bank Al Habib and Punjab Safe City, as well as government bodies like the Ministry of Hajj and the Controller General of Accounts.
In the mobile sector, Ufone 4G, a subsidiary of PTCL Group, achieved a remarkable 25.6% YoY growth in revenue during the first nine months of 2024. This success is attributed to network expansion, improved customer experience, and strategic partnerships with digital platforms. Ufone surpassed 26 million subscribers, with 16 million on 4G by August 2024. Ufone also introduced the ‘Roam Like Home’ service, offering affordable international roaming in 27 destinations.
On the digital front, PTCL Group continued its expansion with live streaming of Wimbledon through its Shoq platform, reflecting the Group’s broader strategy to grow its digital content offerings.
Beyond business, PTCL Group maintained its corporate social responsibility efforts, partnering with UNICEF and NEOC to promote polio vaccination in Balochistan, Khyber Pakhtunkhwa, and Sindh. The Group also signed an MoU with ConnectHear to provide free data for the ConnectHear app, aiding deaf individuals during disasters. Additionally, PTCL submitted a grant application for a women’s empowerment project and provided free broadband connectivity to a non-profit IT Incubation Center in Lahore, supporting underprivileged students.
PTCL Group’s commitment to both business growth and social impact was further underscored by its partnerships in the sports sector, including sponsoring Pakistani javelin star Arshad Nadeem and the Pakistan Hockey Team, reinforcing its role in promoting national pride and supporting local heroes.
