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PTCL Group Rockets 25.8% in 2023, But Currency Woes Lead to Net Loss

Pakistan's telecom giant, PTCL Group, saw impressive revenue growth of 25.8% in 2023, reaching Rs 190.6 billion. Fixed broadband, mobile data, and business solutions fueled this surge. However, a falling Rupee and high interest rates resulted in a net loss of Rs 14.1 billion. Notably, they acquired Telenor Pakistan, marking a significant move.

Within the group, PTCL itself performed well, generating Rs 96.3 billion (15.4% up). Growth stemmed from broadband and business solutions, with their high-speed Flash Fiber service showing strong gains.

Overall, PTCL Group and its subsidiaries like Ufone and U Microfinance Bank exhibited promising revenue growth in 2023, despite facing some financial challenges.

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