Pakistan Telecommunication Company Limited (PTCL) registered massive losses to the tune of Rs14.39 billion in 2024.
As per the latest consolidated financial results made available to the Pakistan Stock Exchange (PSX) on Wednesday, the company registered a loss of Rs16.73 billion in 2023.
This translates into a loss per share (LPS) of Rs2.82 in 2024, as compared to LPS of Rs3.28 recorded in 2023.
The losses come despite higher revenue and gross profit during the period.
The listed company’s revenue surged over 16% to Rs219.78 billion in 2024, compared to Rs188.67 billion recorded in the prior year.
The company’s cost of revenue increased up over 11% to Rs162.38 billion in 2024, compared to Rs145.93 billion in 2023.
Consequently, the gross profit of PTCL jumped by over 34% YoY to Rs57.4 billion in 2024. This translates to a profit margin of 26.1% in 2024, higher than 22.7% in 2023.
During the year, the company saw its operating expenses surge to Rs51.3 billion, up 27% compared to Rs40.5 billion in 2023. Resultantly, PTCL posted an operating profit of Rs6.12 billion, as compared to an operating profit of Rs2.3 billion in 2023.
Meanwhile, the company’s other income declined by over 16%, clocking in at Rs25.6 billion in 2024, compared to Rs30.4 billion in the previous year.
On the other hand, PTCL saw its cost of finance ballooned to Rs52.6 billion in 2024.
As a result, the company posted a loss before tax of Rs20.9 billion in 2024, as compared to Rs22.9 billion in 2023.
Incorporated in Pakistan on December 31, 1995, PTCL provides telecommunication services in Pakistan.
The company owns and operates telecommunication facilities and provides domestic and international telephone services and other communication facilities throughout Pakistan.