PTCL Group Achieves 17% Revenue Growth in 2024

ISLAMABAD: PTCL Group has announced its financial results for the year ending December 31, 2024. According to a statement released after the Board of Directors meeting, the Group recorded a 17% increase in revenue, with total earnings reaching Rs219.7 billion. The growth was attributed to strong performance across broadband services, mobile data, and business solutions.

In the statement, PTCL Group highlighted that its revenue rose by 12% year-on-year (YoY) to Rs107.7 billion, supported by the expansion of its fiber-to-the-home (FTTH) service, Flash Fiber. The fixed broadband segment grew by 20%, while Flash Fiber saw a 104% increase in subscribers. PTCL reported an operating profit of Rs12.2 billion, reflecting a 55% rise from 2023, and a net profit of Rs4.8 billion.

The statement also noted Ufone 4G’s performance, with a 25% YoY increase in revenue and a positive operating profit of Rs4.6 billion. Ufone’s customer base grew to 26 million, including 17 million 4G subscribers. The company introduced services like “Roam Like Home,” providing international roaming in 27 countries, and a data roaming offer for Hajj and Umrah pilgrims.

The UPTCL app was launched to integrate PTCL and Ufone services on a single platform, offering improved accessibility for users. Ufone also expanded digital partnerships with platforms such as Golootlo and Waada to enhance customer experience.

Business Solutions and Digital Services

PTCL Group reported significant growth in its enterprise business. It expanded its data center and multi-cloud services, providing scalable solutions to public and private institutions, including government entities, startups, and banks. These services cover infrastructure (IaaS), platform (PaaS), and software solutions (SaaS).

The Group’s subsidiary, U Microfinance Bank, was recognized as the Best Microfinance Bank for Islamic Retail Banking in 2024. It also launched new digital services, including nano lending and a Mastercard partnership, which contributed to a 75% increase in transactions and doubled monthly active users.

PTCL Group’s social impact activities were consolidated under its “Dil Se” platform. The Group supported women entrepreneurs in Haripur by providing digital literacy training, smartphones, and business tools in collaboration with the Pakistan Poverty Alleviation Fund. Two top performers were selected to present their work at GITEX Global in Dubai.

Other initiatives included installing water pumps in flood-hit areas, distributing school supplies to underprivileged students, and partnering with UNICEF on a polio awareness campaign. The Group also worked with the Pakistan Red Crescent Society to provide clean drinking water and distribute essential supplies during emergencies.

Acquisition of Telenor Pakistan

The Group reiterated that it signed a share purchase agreement for the acquisition of Telenor Pakistan in December 2023. The closing of the transaction is subject to regulatory approvals and is expected in the first half of 2025.

According to the statement, PTCL Group remains focused on expanding its digital services and enterprise solutions to strengthen its market position in the future.