PTCL once again sees rising revenues and sinking profits. But is there a twist?

Every year, PTCL’s annual report reads like a script we've seen before: mixed performance, recurring challenges, and a sense of déjà vu. For years, the story has remained the same: some divisions shine, others lag behind. The broadband, IPTV, and corporate and wholesale segments have consistently pulled their weight, keeping the enterprise afloat. But one unit in particular, Ufone, the Group’s mobile network operator, has been stuck in a rut for over a decade.

This year, however, there’s a twist.

Against the odds, Ufone showed real signs of life in 2024. According to PTCL’s 2024 annual report, revenue surged by an impressive 25%, with the pace of growth accelerating year after year. This unexpected boost didn’t just lift spirits; it played a vital role in strengthening the Group’s overall financial performance. Paired with the dependable contributions from broadband, IPTV, and corporate services, the Group recorded its highest ever revenue: Rs. 220 billion, marking a solid 16% year on year growth.

But even as revenues hit new heights, the underlying story remains complex. The Group still posted a net loss of Rs. 14.39 billion, mostly due to hefty financing costs and non operating expenses. So while the momentum is promising, the recovery is still a work in progress.

So what are the forces driving this shift within PTCL? What is powering Ufone’s resurgence? How are other segments staying strong? And can this transformation steer the Group onto a more ambitious, sustainable path?