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? The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
