Finance

Ufone’s revenue increases by 3.5% YoY

Karachi, July 21, 2022: Ufone’s revenue increased by 3.5% Year on Year in the 2nd Quarter of Calendar Year 2022 despite adverse impact of AIIT and MTR.

Ufone has shown higher growth versus industry in data subscribers, backed by the spectrum acquisition. The management highlighted that it expects positive contribution from the recent investments made to expand Ufone’s footprint.

It is to be noted that Pakistan Telecommunication Company Limited (PTC) announced its second quarter financial result on July 18 wherein the company posted a loss of Rs 1.5 billion on a consolidated basis.

The company held its corporate briefing on Thursday to discuss the 2QCY22 results and outlook.

The sales for the group grew by 8.2% YoY during 2QCY22. Whereas, the company’s EBITDA remained flat on a consolidated basis clocking in at Rs10.2bn, flat YoY.

The management apprised that the EBITDA remained under pressure due to increase in fuel and power tariffs, staff costs and general inflation.

Also, exchange gains on dollar denominated receivables and sale of some old network equipment led to higher non-operating income.

The company’s consolidated bottom-line was affected by several factors including energy price hikes, additional tax imposed by the government, rupee devaluation and increase in borrowing costs.

The company shared that its flagship business, PTCL, maintained its market share as its Fiber To The Home (FTTH) service subscriber base almost doubled on a YoY basis.

However, the company’s Voice, Wireless and International segments showed a decline in revenue in 2QCY22.

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