ISLAMABAD: PTCL Group posted revenue growth of 25.8 per cent to Rs190.6 billion during 2023 from Rs151.5bn in 2022, but faced a higher net loss of Rs14.2bn versus Rs10.4bn in 2022.

The company announced the financial results for 2023 at its board of directors’ meeting held on Tuesday.

The biggest highlight for PTCL Group during 2023 was the signing of a Share Purchase Agreement with Telenor Pakistan B.V. (Telenor) to acquire a 100pc stake in Telenor Pakistan (Pvt) Ltd based on an enterprise value of Rs108bn on a cash-free, debt-free basis.

The group said that the revenue increase was mainly driven by strong performance in the consumer segment led by fixed broadband, mobile data, and wholesale and business solutions, along with microfinance services.

However, its profitability faced a downturn mainly due to the rupee devaluation and high-interest rates during the year.

As per the statement, the Pakistan Telecommunication Company posted 15.4pc revenue growth to Rs96.3bn owing to its strong performance in both retail and business segments. The company reported a net profit of Rs9.4bn highest since 2013, which is 3.7pc higher compared to last year.

Published in Dawn, February 14th, 2024