PTCL Group’s strong financial performance during 2024, Posts revenue growth of 17%

Islamabad, February 12, 2024: Pakistan Telecommunication Company Limited (PTCL), one of the leading telecom and ICT services provider in the country, has announced its financial results for the financial year 2024 ending December 31, 2024. The announcement was made during a Board of Directors meeting held in Islamabad.

PTCL Group achieved impressive double-digit revenue growth of 17% during the financial year 2024. The Group’s robust performance solidifies its position as Pakistan’s top integrated telecom service provider.

PTCL Group Key Highlights:

• PTCL Group posted revenue of Rs 219.7 billion, driven by robust growth in consumer segments including fixed broadband & mobile data and wholesale & business solutions.
• PTCL posted 12% YoY revenue growth, maintaining its upward trajectory.
• Ufone (PTML) reported a 25% YoY revenue growth.
• The continuous strong topline growth and cost optimization measures over last few years has helped Ufone get back into positive operating profit with a strong EBIT of Rs 4.6 billion.
• U Microfinance Bank (U Bank) has been honored as the Best Microfinance Bank for Islamic Retail Banking Offerings in Pakistan 2024 at the 10th Islamic Retail Banking Awards (IRBA) hosted by Cambridge IFA.
• The signing of SPA for acquisition of 100% shares of Telenor Pakistan by PTCL was announced in December 2023. The closing of the transaction is subject to regulatory approvals as well as customary terms and conditions and is expected to take place during the first half of 2025.

PTCL Achieves Stellar Performance in 2024:

• PTCL’s revenue soared to Rs 107.7 billion, marking a 12% increase from 2023, fueled by robust growth in fixed-line, wholesale, and business solutions.
• Flash Fiber, PTCL’s premium FTTH service, dominated the market in 2024, capturing the significant share of the industry net adds.
• The company reported an operating profit of Rs 12.2 billion, reflecting a 55% growth over last year, and a net profit of Rs 4.8 billion for 2024.

PTCL’s aggressive FTTH expansion has fueled its remarkable topline growth. Building on last year’s momentum, PTCL prioritized delivering the fastest and most reliable internet services through its flagship FTTH brand “Flash Fiber”. This customer-centric approach has cemented PTCL’s position as a market leader, capturing the majority share of net additions (captured ~50% of industry net adds) in the FTTH segment. The fixed broadband business achieved 20% YoY growth, while Flash Fiber posted an unprecedented YoY growth of 104%. With over 650K FTTH subscribers, PTCL’s ongoing FTTH expansion continues to yield outstanding results, solidifying its industry leadership.

During the year, the Group introduced innovative differentiated services, including:

–          SHOQ TV Box: Powered by Android TV by Google, transforming the TV viewing experience. This innovative offering is set to elevate news and entertainment options, redefining the future of television.

–          Flash Eye: A smart solution featuring HD IP cameras exclusively for Flash Fiber customers.

–          WhatsApp Bot: A convenient self-service platform for customers to register complaints, access billing details, manage Speed Bolt-On subscriptions, obtain tax certificates, and get product information.

PTCL Group Business Solutions Highlights:

In 2024, PTCL Group solidified its role as Pakistan’s leading digital enabler by significantly expanding its state-of-the-art Data Centers and Public Cloud platforms covering IaaS, PaaS, and SaaS. The company enhanced its enterprise offerings and delivered secure, scalable, and efficient Multi Cloud solutions through its strong nationwide infrastructure to a diverse range of clients, including Government, Public and Private Institutions as well as major Banks, startups, and system integrators. PTCL’s commitment to innovation was evident in its next-generation Data Centers and Cloud Platforms, which ensured seamless connectivity, robust data security, faster processing speeds, and reliable disaster recovery solutions.

PTML – Ufone 4G Highlights:

Ufone 4G posted a YoY growth of 25% in topline during 2024 with remarkable display of resilience and strength across multiple fronts. This growth has been possible due to better customer experience and digital engagement through multiple data-centric products and strategic partnerships with leading digital platforms enhancing digital engagement. Ufone 4G’s impressive growth is a testament to the commitment to customer experience and digital innovation. Ufone has been successful in growing the base at an accelerated pace, surpassing 26 Mn overall base and 17 Mn 4G base mark in 2024.

Ufone 4G is revolutionizing the digital landscape by integrating innovative value-added services (VAS) into its key digital products. By incorporating Golootlo, Waada, Shoq, and UCloud services, Ufone is providing a comprehensive and enriched experience for its customers.

Ufone enriched experiences with pioneering products and offers in 2024:

–          Data Roaming Offer: Ufone 4G introduced an exclusive data roaming offer for prepaid customers travelling to Saudi Arabia for Hajj and Umrah, in collaboration with the Ministry of Religious Affairs.

–          Roam Like Home: Ufone launched an innovative international roaming service, offering seamless data and voice connectivity in 27 popular destinations. This convenient and affordable solution enables Ufone subscribers to stay connected while traveling abroad, without worrying about excessive roaming charges.

–          PTML’s digital brand, ONIC is revolutionizing the telecom industry by redefining the traditional telecom experience as a truly digital brand. Key achievement are as follows:

• 3x growth in subscribers
• 7x growth in revenue
• 40+ feature enhancement delivery in Y’24

–          PTCL Group’s mobile financial services witnessed remarkable growth with the launch of Nano Lending and Mastercard, achieving ~75% increase in transactions. This innovation also led to a 2x growth in Mobile Financial Services Monthly Active Users (MFS MAU’s).

–          PTCL & Ufone 4G introduced a brand new digital application, ‘UPTCL’ to enhance the usability and user experience of both PTCL and Ufone 4G customers. The futuristic app integrates PTCL and Ufone 4G products and services ecosystems on a single platform to provide unprecedented ease and convenience to users.

In 2024, PTCL Group won several prestigious awards, solidifying its position as a leading telecom and ICT services provider in Pakistan.

–          GSMA Global Mobile (GLOMO) Award: Ufone 4G, a subsidiary of PTCL Group, won the ‘Best Mobile Innovation for Emerging Markets’ award for its innovative microwave network solution.

–          PTCL Group, has been honored with the ‘Best Business Strategy and Expansion’ award at the Leadership & Excellence Awards in Digital Development (LEAD) by the SAMENA Telecommunications Council.

–          Black Dragon for Best Digital Campaign: Ufone x Zalmi – Data Bohat Hai

–          Black Dragon for Data Bohhaaat Hai Integration with SHOQ

In 2024 – A Memorable year for the brand as PTCL Group celebrated a milestone year by partnering with national sports heroes and teams. Key highlights include:

• Owned the 4G space with the “Data Bohhaaat Hai” campaign, showcasing Ufone 4G’s strength in the digital sphere.
• Signing Pakistani javelin star Arshad Nadeem as brand ambassador, who won Gold at the Paris Olympics 2024.
• Partnered with the Pakistan Hockey Team to elevate the sport, foster national pride, and showcase Pakistan’s excellence globally. 

Social Impact:

PTCL Group launched ‘Dil Se’, its dedicated social impact platform, consolidating all community service initiatives under one banner. The platform’s flagship initiative, ‘Ba-Ikhtiar’, was introduced in collaboration with Pakistan Poverty Alleviation Fund (PPAF) to empower women entrepreneurs in Haripur by equipping them with essential skills and digital tools to establish and scale their businesses. Under this initiative, women received vocational trainings in stitching and embroidery, smartphones with free data for the entire year, and digital financial literacy trainings to effectively manage their UPaisa wallet accounts. In addition, Daraz provided e-commerce training, enabling these entrepreneurs to launch and operate their online businesses successfully. Recognizing their exceptional performance, two top entrepreneurs were given the opportunity to attend GITEX Global in Dubai, where they shared their success stories on an international platform and received widespread appreciation.

Under ‘Dil Se’, PTCL Group launched the ‘Act of Kindness’ campaign, reinforcing the message that even small gestures can create a lasting impact. As part of this initiative, PTCL Group distributed free train tickets and Eid gifts to passengers traveling home from Karachi on Eid, provided e-bikes to university-going girls in Rawalpindi facing commuting challenges, and ensured access to clean drinking water for 15,000 people in Umerkot, Thar, by installing hand pumps.

PTCL Group partnered with ConnectHear on a £190,000 project funded by GSMA aimed at supporting the deaf community in Pakistan during disasters. The initiative focuses on developing an AI-powered inclusive early warning system to ensure that individuals with hearing impairments have access to timely and effective disaster alerts, enhancing their safety and preparedness.

PTCL Group, in line with its mission to promote inclusion, partnered with Peshawar Zalmi to host the first-ever women’s cricket tournament in Khyber Pakhtunkhwa. The event featuring eight teams, was a significant step in empowering women in the region and promoting gender equality in sports.

In partnership with PRCS, PTCL Group installed a water pump in Gwadar during the floods, providing clean drinking water to the local community. Additionally, the Group conducted its annual blood donation drive on Blood Donors Day 2024, contributing to the nation’s healthcare needs. In collaboration with the Punjab Education Foundation, PTCL Group distributed school bags and supplies to primary school students from underprivileged communities, supporting education for all. Furthering its commitment to public health, PTCL Group joined forces with UNICEF and NEOC in a polio eradication campaign, leveraging Ufone’s extensive reach to inform citizens about the ongoing campaign and urging them to vaccinate their children.