ISLAMABAD: PTCL Group increased revenue by 25.8 percent to Rs190.6 billion in 2023 from Rs151.5 billion in 2022, but experienced a larger net loss of Rs14.2 billion compared to Rs10.4 billion in 2022.
The corporation announced its 2023 financial results at its board of directors meeting on Tuesday.
The major event for PTCL Group in 2023 was the execution of a Share Purchase Agreement with Telenor Pakistan B.V. (Telenor) to purchase a 100% share in Telenor Pakistan (Pvt) Ltd for Rs108 billion on a cash-free, debt-free basis.
The organization stated that the revenue rise was primarily driven by outstanding growth in the consumer segment, which included fixed internet access, mobile data, wholesale and corporate solutions, as well as microfinance services.
However, its profitability suffered because to the rupee’s depreciation and high rates of interest during the year.
According to the announcement, the Pakistan Telecommunication Company’s income increased 15.4 percent to Rs96.3 billion due to good performance in both the retail and business divisions. The company posted a net profit of Rs9.4 billion, its highest since 2013, and 3.7 percent more than previous year.
SOURCE: DAWN NEWS
