ISLAMABAD: PTCL Group President & CEO Hatem Bamatraf debunked rumours that Ufone is in the process of purchasing a telecom firm on Friday, saying that in business, choices are always open.
“We are looking at the market and now are not in the process of merger and acquisition,” Mr Bamatraf stated during his first press conference at the PTCL headquarters after taking over as the group’s leader in May 2021. However, this does not rule out the possibility of taking advantage of any given opportunity.”
He was replying to a query on rumours circulating in the telecom industry that one of Pakistan’s four telcos is going to sell its assets, with Ufone bidding to purchase them in order to expand its reach.
The country’s largest telecom group’s CEO also expressed reservations about participating in the 5G auction process.
He stated that the decision will be made depending on market circumstances and the government’s auction criteria.
Mr Bamatraf, on the other hand, stated that the business intends to improve its position as the only telecom company that provides a comprehensive digitization solution, which includes running a microfinance bank. He went on to say that PTCL’s revenue has grown at its fastest rate in nine years.
PTCL, Ufone, and UBank are among of the PTCL Group’s most well-known brands, while other smaller firms include international internet cables.
Nadeem Khan, the CFO of PTCL, gave a presentation on the company’s annual financial statistics for 2021. From the previous year, income increased by 6.3 percent to Rs138 billion.
Due to Ufone’s investments in 4G spectrum, the PTCL group’s net profit fell by 21% to Rs2.6 billion.
Ufone’s revenue increased by 4.3 percent in 2021, because to increased data services, while its net profit fell by 52 percent due to expenditures in more spectrum.
At the same time, PTCL reported a 7 percent increase in income to Rs77 billion, the most since 2013.
The business reported a net profit of Rs6.9 billion in 2021, up 14 percent from 2020, thanks to strong Fixed Broadband sales and rapid expansion in the Fibre to the Home activities. In 2021, UBank reported an increase in sales of 8.4% and a net profit of 23%.
https://www.dawn.com/news/1674623/ptcl-chief-dispels-rumours-of-acquiring-telecom-firm
