Pakistan Telecommunication Company Limited (PTCL), the leading telecom and ICT services providers in the country, has announced financial results for the nine months ended September 30, 2023. The announcement was made during the Board of Directors’ meeting held in Dubai on October 17, 2023.
In the first nine months of 2023, PTCL Group has maintained its strong performance, strengthening its status as Pakistan’s top integrated telecom service provider. Despite the challenging economic environment, the Group has achieved an impressive 26.3% increase in revenue compared to the same period last year. This substantial growth can be mainly attributed to outstanding performance in various sectors, including fixed broadband, mobile data, business solutions, and mobile banking services.
The business environment in 2023 remains affected by the unfavorable macroeconomic challenges that emerged in 2022. Increasing energy and fuel costs persist as hurdles for telecom companies, making it challenging to offer top-notch services to consumers at reasonable rates. Network expansion plans were also affected by the adoption of measures aimed at regulating foreign currency reserves. The substantial devaluation of the Pakistani Rupee during the first quarter, coupled with mounting interest rates and an additional super tax alongside regular corporate tax, has significantly affected profitability. To address the challenges being faced by the telecom sector, it is imperative that the government offers policy intervention to alleviate the impact.