PTCL Group, a leading telecom and ICT services provider in Pakistan, has reported a double-digit revenue growth of 14% for the quarter ending March 31, 2024. The revenue growth was driven by strong performance in the consumer segment, particularly in Fixed Broadband, Mobile Data, and Business Solutions. Despite the revenue growth, the Group posted a net loss of Rs 4.8 billion, which is 16% lower year-on-year.
PTCL continued its strong performance, achieving revenue of Rs 26 billion in Q1 2024, a 13% increase from the previous year. The company's Flash Fiber service, a Fiber-To-The-Home (FTTH) offering, has shown significant growth and is now the leading FTTH service provider in Pakistan. PTCL's operating profit for the quarter was Rs 3 billion, a 32% increase from the same quarter in 2023. Additionally, the company posted a net profit of Rs 431 million.
Ufone, PTCL's subsidiary, also performed well, posting a year-on-year revenue growth of 27% in Q1 2024. The growth was supported by network expansion and strategic initiatives, including the integration of value-added services (VAS) within its digital products. Ufone's UPaisa service has also expanded its reach, now being part of e&Money, UAE, and MobilyPay, KSA Apps menu, facilitating Pakistani diaspora to send money directly into UPaisa wallets.
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