CY20: PTCL Group sees 38pc increase in profit

LAHORE: The Pakistan Telecommunication Company Limited (PTCL) Board of Directors met on Wednesday to review the company’s performance and announce its financial results for the calendar year 2020 (CY20).

The group announced its revenue at Rs129bn; however, if normalised for the impact of Covid-19 and certain regulatory changes, the revenue stands 5.2pc higher than 2019 on a like-for-like basis.

According to details, Ufone was able to successfully cross 10 million data customers by expanding its LTE footprint, while Ubank achieved a 50pc growth in revenue over the last year by increasing its customers’ loan portfolio and deposits. The topline stability, coupled with cost optimisation initiatives and favourable interest and exchange rate movements, translated into 38pc improvement in the group’s annual net profit.

Further, PTCL standalone revenue for the year is 0.4pc higher than last year; the topline witnessed a decline of 0.7pc until Q3CY20; however, it picked up in Q4CY20 to 3.7pc YoY growth on the back of healthy customer acquisition.

Similarly, broadband revenue continued to grow in the last seven months, while various customer experience initiatives helped reduce churn by 23pc YoY.

The wireless segment, which was on a declining trend for the past five years, was turned around, recording 8pc YoY increase in revenue, on the back of aggressive pricing and sales strategies without any major investments.

IPTV revenue improved by 3pc as compared to last year. FTTH footprint continues to expand with consistent growth in subscribers and revenues with a promising outlook for the future.

Business services revenue achieved an overall YoY growth of 6pc. Corporate business exhibited significant growth of 11pc, whereas carrier services business grew by 5pc compared to the same period last year. Similarly, international business growth was recorded at 4pc.

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