Pakistan Telecommunication Company Limited (PTCL), a prominent telecom and ICT services provider, has released its financial results for the first nine months of 2023 following a Board of Directors’ meeting in Dubai on October 17, 2023.
Despite a persistently challenging economic landscape, PTCL Group has shown robust performance, reaffirming its position as Pakistan’s leading integrated telecom service provider. Notably, the group achieved a remarkable 26.3 percent increase in revenue compared to the same period in the previous year, driven primarily by exceptional performance in sectors like fixed broadband, mobile data, business solutions, and mobile banking services.
The business environment in 2023 continues to be influenced by unfavorable macroeconomic challenges that emerged in 2022, including rising energy and fuel costs. These challenges have hindered telecom companies’ ability to offer high-quality services at affordable rates. Network expansion plans have also been affected by measures aimed at regulating foreign currency reserves.
Currency depreciation, increased interest rates, and additional taxes, including a super tax in addition to regular corporate tax, have had a notable impact on profitability.
To address these telecom sector challenges, government intervention with appropriate policy measures is crucial to mitigate the impact and ensure the industry’s stability and growth.
