PTCL posts 38 percent profit growth in 2020

PTCL profit

Pakistan Telecommunication Company Limited (PTCL) recorded a consolidated profit after tax (PAT) of Rs 3.27 billion for the year ended December 31, 2020.

The meeting of the Board of Directors of Pakistan Telecommunication Company held on Wednesday in Islamabad to review the company’s performance for the year ended on 31st December 2020. The company announced its revenues of Rs 129 billion and if normalized for the impact of Covid-19 and some other regulatory changes, the revenues stand 5.2% higher than 2019 on a like-for-like basis.

Ufone performed well and was able to cross 10 million data customers by expanding its LTE footprint. Ubank also grew and achieved a 50% growth in its revenues over the last year by increasing its customer loan portfolio and deposits.

Read more: PTCL successfully conducts 5G trial in a limited environment

2020 was a challenging year but the PTCL retail business performed well in all segments and results started giving fruits in the second half of the year. Fixed Broadband achieved positive Net Adds during the last 9 months and recorded the highest ever net adds in 5 years in December 2020.

The Broadband revenues grew in the last 7 months whereas various customer experience initiatives helped reduce churn by 23%YoY. There is a 38% improvement in Group’s net profit for the year.

PTCL has been dominant in the market regarding ICT, IP bandwidth, and managed capacity services. It has been successful in making long term deals with prominent customers based on Datacenter, Cloud, and IP.

The company has also been successful in getting contracts for two Optic Fiber Cable projects from Universal Service Fund (USF) in November 2020 for providing connectivity in Ghotki, Kasmore, Sukkur, and Khairpur districts. PTCL will provide connectivity to educational institutions, rural health centers, government offices, and corporate institutions.

The company took great initiative to enable and enrich all service verticals with unparalleled customer experience management platforms and became the first Opco in the Etisalat group to implement a happiness index for effective measurement of customer satisfaction.

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