Soneri bank posts impressive results for the nine months
The Board of Directors of Soneri Bank Limited, in their 200th meeting held in Karachi on 16th October 2023, approved the Bank’s condensed interim financial statements for the nine months ended 30 September 2023.
The Bank posted impressive growth in earnings with Profit before Tax (PBT) reported at Rs. 8,437 million for the nine months period ended 30 September 2023 as against Rs. 3,348 million earned for the comparative period last year; which signifies a 152.01 percent year on year growth. Profit after Tax (PAT) for the current period also surged to Rs. 4,145 million as against Rs. 1,295 million for the comparative period last year, translating to a growth of 220.04 percent year on year. The Bank’s EPS was reported at Rs. 3.7595 per share for the current period, as compared to Rs. 1.1747 earned for the comparative period last year.
Fund based income continued to improve at the back of improved spreads and prudent asset and liability management and the Bank’s Net Interest Income (NII) grew by 107.52 percent to Rs. 16,101 million for the current period, as against Rs. 7,759 million reported for the same period last year. Non markup income (NMI) for the period also registered a growth of 14.58 percent, with NMI reported at Rs. 4,660 million as against Rs. 4,067 million for the comparative prior period.
Non-markup expenses were reported at Rs. 11,006 million for the current period as against Rs. 9,003 million reported for the comparative prior period. Despite unprecedented inflation levels, growth in expenses was kept restricted at 22.25 percent as compared to the prior period; as a result of strict compliance of cost rationalization measures and prudent cost control policies and discipline.
The end of the current quarter also saw the Bank registering a landmark achievement in terms of deposits as period end deposits crossed the Rs. 500 billion landmark, ending at Rs. 510.477 billion as at 30 September 2023. This indicates an impressive increase of 24.62 percent when compared to the year-end 2022. The Bank’s focus remains on CASA mix improvement and retention of current accounts and rationalizing funding costs, whilst ensuring service levels of the highest quality. As at 30 September 2023 the Bank’s CASA mix stood at 78.81 percent at 30 September 2023 as against 79.19 percent at 31 December 2022.
The Bank continues to prudently monitor the overall portfolio so as to maintain coverage at reasonable levels. During the current period, net provisions against loans and advances and investments amounted to Rs. 1,317.328 million, as against a net reversal of Rs. 525.277 million booked in the comparative prior period. Specific provisioning coverage continues to be maintained at 70.88 percent (December 2022: 71.61 percent).
The Bank remains adequately capitalized, with a Capital Adequacy Ratio of 17.61 percent at 30 September 2023 (December 2022: 15.19 percent). The Bank’s Liquidity Coverage Ratio and Net Stable Funding Ratios currently stand at 229.18 percent and 193.32 percent respectively, which are comfortably above the regulatory requirements.
The Bank remains focused on maximizing shareholder value through our customer focused business strategy aimed at serving the needs of our customers across all business segments.
NBP’s chief receives ‘CEO of the year’ award
Mr. Rehmat Ali Hasnie, the President and CEO of the National Bank of Pakistan, was honored with the prestigious “CEO of the Year” award at the 17th Consumers Choice Award ceremony held at the Sindh Governor House in Karachi. Additionally, the National Bank of Pakistan was recognised as the ‘Best Commercial Bank in Pakistan’ in the Personal Loan Category.
Digital plan for students
Beaconhouse College Programmr is changing the way students learn and collaborate in the digital world; emphasizing the need to grow and evolve with the world. BCP’s latest endeavour is participating in one of the largest industries in the world which is gaming and esports by hosting the largest Nationwide Fifa Esports competition in Pakistan exclusively for Beaconhouse students!
Islamic banking & finance assets grow to $4 trillion: Zubair Mughal
In an era where ethical and sustainable finance is gaining prominence on the global stage, the Islamic banking and finance industry has emerged as an icon of responsible financial practices. It has emerged as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are increasingly recognising the potential of Islamic finance to help address the challenges of ending extreme poverty and boosting shared prosperity.
The global Islamic banking industry is growing rapidly. In 2023, the industry assets reached 4 trillion USD, and is poised to register a compound annual growth rate (CAGR) of 10% during the forecast period. In 2021, Islamic finance assets amounted to USD 3.6 trillion, the highest recorded growth for the industry. The prospects look positive: by 2025, this is set to rise to almost USD 5 trillion. This growth is being driven by a number of factors, including the increasing demand for Sharia-compliant financial products and services, the growing population of Muslims, and the increasing awareness of the benefits of Islamic finance. The growth of Islamic banking setup in non-Muslims countries reflects the power and potential of Islamic banking as a global financial force.
Islamic finance development is mainly driven by its two biggest segments, Islamic banks and Sukuk. By 2022, GCC accounts 44% of total Islamic finance assets, the MENA region accounting 26.3%, Southeast Asia accounting 24%, and Europe Asia, America and Africa accounting for the rest. The Islamic finance market is fragmented, with a large number of players trying to grab a significant chunk of the developing markets. In some regions, like Asia and Africa, it is moderately growing with the presence of a large number of local players and some foreign players. However, the GCC is a highly competitive market with a large number of international players. Bank Al-Rajhi, Dubai Islamic Bank, and Kuwait House Finance are among the major players present in the region. In terms of Islamic finance assets distribution, about 70 percent is under the Islamic banking sector, followed by 19 percent under Sukuk, five percent under Islamic funds, four percent under other IFIs and the remaining 2 percent under Takaful sector.
Furthermore, Fintech’s adoption in Islamic social finance space is particularly an interesting area of innovation, promising greater access, coverage, efficiency and governance benefits to all stakeholders involved. The Global Islamic Fintech Report 2021, Malaysia was ranked at the top of the list based on the GIFT index factors across five different categories (talent; regulation; infrastructure; Islamic FinTech market and ecosystem; capital). Malaysia leads the other 64 countries in terms of capital growth and FinTech ecosystem conduciveness.
Alhuda Centre of Islamic Banking & Economics (CIBE) continued its commitment to promoting the global growth of Islamic banking and finance. Alhuda CIBE is a leading provider of training, research, and consultancy services in the Islamic finance industry. In recent years, Alhuda CIBE has expanded its reach to new markets, including Southeast Asia, Africa, and the Middle East.
Mr. Muhammad Zubair, the Chief Executive Officer of AlHuda CIBE said that, we are committed to promote the global growth of Islamic banking and finance. He believes that Islamic finance is a sustainable and ethical financial system that can benefit people of all faiths. He also said that, he with his dedicated team of experts is devoted to design ideal products for banking, microfinance, insurance, capital market and other financial institutions. The Socio-Economic aspects of financial industry together are the best solution for sustainable development of economy, and Islamic Finance is the best alternative.
As the global Islamic banking and finance industry continues to witness significant growth, Alhuda Centre of Islamic Banking & Economics (CIBE) emerges as a pivotal player in advancing and promoting the principles of Islamic finance worldwide. With its unwavering commitment to providing cutting-edge education, consultancy, and advisory services, Alhuda CIBE has played a paramount role in the expansion and development of this dynamic sector.
Government of Balochistan approves establishment of SSGC Police Station in Quetta
The Provincial Cabinet of the Government of Balochistan has unanimously approved Home Department’s request for establishing a dedicated Police Station for SSGC, with a condition that all the financial implications with regards to the salary, pension, operations and maintenance would be borne by SSGC. Meanwhile, the Police Station situation in situated in Quetta city formally started its operations last week.
SSGC’s Police Station will support the Company’s Counter Gas Theft Operations teams and other departments of the SSGCL in cracking down on gas thieves, lodging FIRs and assisting in the prosecution of the miscreants.
By acting as a major deterrence against gas theft and recovery, the Police Station and its Force are likely to significantly contribute towards reducing Unaccounted-for-Gas (UFG) or line losses in Balochistan. The Police Station will soon be inaugurated by SSGC’s MD, Imran Maniar and ADMD (Operations and UFG) Saeed Rizvi.
A similar SSGC-dedicated Police Station that has been operating in Karachi since 2015 has over the years played a pivotal role in creating deterrence in curbing the menace of gas theft, increasing recoveries and reducing UFG in Karachi.
Adamjee Insurance takes top position at best corporate & sustainability report awards 2022
Muhammad Asim Nagi, Chief Financial Officer AICL, receiving the award from ICAP & ICMAP Council Members
Adamjee Insurance Company Limited, Pakistan’s leading insurance company, has been honored with the first position in the Insurance category at Best Corporate & Sustainability Report Awards 2022 by ICAP & ICMAP for the third consecutive year. Muhammad Asim Nagi – Chief Financial Officer received the Award from ICAP and ICMAP Council Members on behalf of Adamjee Insurance. The award recognizes Adamjee Insurance’s commitment to presenting accurate, transparent, relevant and timely corporate information in compliance with regulatory requirements to its shareholders and stakeholders.
Muhammad Ali Zeb – Chief Executive Officer commented, “We are extremely honored to receive this distinguished award, which demonstrates Adamjee Insurance’s unwavering dedication to corporate governance, openness, and effective reporting systems. I would like to use this opportunity to express my sincere gratitude to all of the hardworking Adamjee Insurance stakeholders and employees, as they have been the foundation of our success.”
Pakistan must learn to survive as lenders pulling back: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on October 13 that the speed with which Pakistan is dependent on loans is increasing and the ability to bear the burden of debt is decreasing in the same proportion.
Lenders and friendly countries are backing away; therefore, Pakistan must learn to survive on its own, he said.
Mian Zahid Hussain said that currently, our focus is on new investments from Arab countries, for which we are working diligently through SIFC’s platform.
Speaking to the business community, the veteran business leader said that if the SIFC initiative is saved from traditional laziness and incompetence, it may be possible to achieve an investment of 75 billion dollars.
If the capital from the Arab countries comes under the new model, then the same model can be used to make other failed institutions of the country viable, he added.
The business leader said that successful foreign investment can attract other countries to Pakistan, for which we should improve our policies for permanent relief instead of temporary relief.
Attention must be given to all the sectors of the economy according to their importance, which is imperative for success.
Mian Zahid Hussain said that people do not want political but real economic change, but a few thousand people who benefit from this flawed system do not want change.
They know how to take advantage of these economic conditions and political chaos, and they know that once Pakistan becomes self-reliant, their plunder will end forever.
Mian Zahid Hussain said that at present, the vast majority of the country’s population is worried and wants to improve the situation so that they have something, but they are not in a happy situation.
Until 2013, the country’s debt was equal to 63.3 percent of GDP, which reached 74.3 percent at the end of 2023, and the interest payment on loans has reached 7500 billion rupees. Immediate privatization of failed companies is the only solution to the problems as it will save one thousand billion rupees annually along with temporary revenue.
To improve the situation, the energy sector has to be improved, dependence on IPPs has to be reduced, and solar has to be increased, while the tax burden has to be reduced for the poor and shifted to the rich.
Anti-smuggling, hoarding, and anti-corruption measures have to be continued with full force on a regular basis, he demanded.
Mian Zahid Hussain further said that if the conflict between the Palestinians and Israel goes on for a long time, it will change the world situation rapidly, oil prices can jump and the priorities of the Arab countries regarding Pakistan can change.
Syngenta Pakistan recognised for services to female farmers, community
Syngenta Pakistan Limited, a leading agriculture innovation and technology company that provides crop protection, seeds, biologicals and digital services to millions of Pakistani farmers, has been recognized for its efforts for the farming communities and female farmers in a high-powered award ceremony, organized by the Women Business Network (WBN) Pakistan, at the President’s House in Islamabad. During the event, the Honorable President of Pakistan conferred the “Rising Women 2023” Award to Syngenta Pakistan in recognition of company’s strong commitment and efforts for empowering female farmers and farming communities.
Dedicating this award to all female farmers and workers, Mr. ZeeshanHasibBaig – Country GM Syngenta Pakistan – emphasized the inclusion of women as a pivotal catalyst to unleash Pakistan’s true economic potential for a healthier and economically vibrant society. He further congratulated his team on this great achievement and reiterated his strong commitment of taking bold actions to disrupt the status quo and achieve greater representation of women in the agriculture sector.
Adamjee Life Pinktober Awareness Session with nationwide free medical consultations
Adamjee Life, a leading name in the insurance industry, is pleased to have hosted such a successful Pinktober Awareness session aimed at promoting breast cancer awareness & early detection. This session took place on 20th October at the company’s head office, marking a significant milestone in the ongoing battle against breast cancer. The event featured renowned medical professionals as speakers, who provided valuable insights into breast health, prevention, and the importance of regular screenings.
In a remarkable collaboration, Adamjee Life partnered with the Ministry of Health, Government of Sindh and MED IQ Smart Healthcare Solutions, creating a dynamic platform for sharing essential knowledge and fostering community engagement. The event provided a unique opportunity for attendees to gain insights from esteemed doctors within the Ministry of Health and to explore the cutting-edge healthcare technology offered by MED IQ.
Dr. Hira Zaheer from the Ministry of Health, emphasized the importance of early detection, stating, “Events like these are crucial in spreading awareness. Early detection is the key to effective treatment, prompt action & a possible cure.”
One of the most noteworthy aspects of the event, was the nationwide free medical consultations for every one offered by Adamjee Life through the MED IQ app for the entire month of October. This service allowed individuals to access expert medical guidance, with a particular focus on breast health and overall wellness.
Dr. Saira from MED IQ Smart Healthcare Solutions, expressed her gratitude, saying, “It’s been an honor to be a part of this event. We believe in the importance of accessible healthcare, and this initiative perfectly aligns with our mission.”
Ms. Nabeela Darugar, Head of Marketing & Corporate sales at Adamjee Life, stated, “This is a testament of Adamjee Life’s commitment towards social responsibility and the well-being of our community. We are proud to have been a part of this initiative, and remain dedicated to creating a brighter and healthier future for all.”
Adamjee Life extends its heartfelt appreciation to everyone who participated in this important initiative, including the Government of Sindh, MED IQ, and all attendees. The event’s success wouldn’t have been possible without your valuable contributions.
Drop in fuel prices help masses, business community: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on October 16 that the big reduction in the price of petrol is very welcome as it will bring relief to the people.
In a fortnight, the prices will be reduced for the second time, which will positively affect the entire population, he said.
Mian Zahid Hussain said that the reason for this decrease is the fall in the price of oil in the international market and the increase in the value of the rupee.
Talking to the business community, the veteran business leader said that if the dollar continues to fall, it will be possible for the government to provide more relief to the people.
He said that the price of petrol has been reduced by 40 rupees per liter and the price of high-speed diesel by 15 rupees per liter. The price of diesel has not been reduced much, while the petroleum levy on diesel has been increased by Rs 5.
The business leader said that a reduction in the price of diesel was not possible because the government has to fulfil the budget targets and also implement the agreement made with the IMF.
According to the deal, the government has to raise Rs 869 billion from the petroleum levy this year.
A decrease in the price of petrol will reduce the travel cost of cars and motorcycles; travel in taxis and rickshaws will become cheaper; and the effect of a decrease in the price of diesel will be less because it is used in heavy transport, trucks, buses, railways, and agriculture.
Mian Zahid Hussain further said that till now, zero sales tax has been collected on petroleum products and added that apart from the stability of the rupee, good news is also coming from many sides.
Cotton production is improving, and 12 million bales are expected to be produced this year; wheat production is up 12 percent; the auto industry, which was devastated, is now getting orders; and the stock market is also improving, he said.
He said that banks are also making huge profits, remittances are picking up again, and rice exports are expected to exceed three billion dollars this year. Electricity thieves are being punished, and planning is being done to prevent illegal profiteering in the sale of commodities and vegetables.
However, the best news is privatization plans, which, if implemented quickly, will save Pakistan from a major problem.
IIL Pakistan opens first vessel and transmission products distributor in Jhang
International Industries Limited, the country’s leading pipe manufacturing company, marked a significant milestone with the inauguration of its first Vessel & Transmission products distributor in Jhang namely Shiekh Abdul Rasheed Iron and Sanitary Store. The momentous event was attended by esteemed guests, including Mr. Shiekh Abdul Rasheed and Mr. Sheikh Atif Rasheed, along with representatives from IIL: Mr. Usman Ali (National Sales Manager), Mr. Faisal Aslam (Regional Sales Manager – Southern Punjab), and Mr. Syed Kamal Haider (Product Marketing Manager V&T).
The inauguration ceremony drew a distinguished audience comprising local retailers, who gathered to witness the latest development in the region’s pipe industry. IIL took this opportunity to showcase its diverse range of high-quality products and outline the strategic significance of establishing a distribution network in Jhang.
During the event, Usman Ali, National Sales Manager, of IIL , addressed the attendees and provided a comprehensive overview of the company’s rich history, achievements, and commitment to delivering innovative pipe solutions. He highlighted the company’s unwavering dedication to ensuring reliability, durability, and sustainable practices across its extensive product portfolio.
Faisal Aslam, Regional Sales Manager Southern Punjab, discussed the importance of the market and emphasized the company’s commitment to serving the local community. He elaborated on IIL’s Vessel & Transmission products, showcasing their superior performance, cutting-edge technology, and their ability to meet the specific requirements of various industries.
Mr. Shiekh Abdul Rasheed and Mr. Sheikh Atif Rasheed from Shiekh Abdul Rasheed Iron and Sanitary Store further emphasized the positive impact of the new distributorship on the Jhang market, stating, “With the establishment of IIL’s distribution network in Jhang, retailers and traders will have easier access to the widest range of high-quality pipes. This expansion will not only benefit the local economy but also elevate the standards of infrastructure development in the region. I am confident that the partnership between IIL and the Jhang community will be mutually beneficial, leading to increased growth and prosperity for all stakeholders.”
The inauguration event successfully fostered networking opportunities between IIL’s leadership team and retailers, setting the stage for fruitful collaborations and strengthening the company’s presence in Jhang’s pipe market.
PTCL Group appoints Mohamed Essa Al Taheri as President & CEO of U Microfinance Bank
PTCL Group, the largest ICT services provider in Pakistan, is pleased to announce the appointment of Mr. Mohamed Essa Al Taheri as the new acting President and CEO of U Microfinance Bank. The decision came after the former President and CEO, Mr. Kabeer Naqvi tendered his resignation and it was subsequently accepted by the Group.
President and Group CEO, PTCL & Ufone 4G, Hatem Bamatraf welcomed the new CEO aboard while he bid farewell to the outgoing CEO, expressing his heartfelt gratitude for years of dedicated service. In his role as Chairman, Board of Governors of U Microfinance Bank, Mr. Hatem Bamatraf conveyed his unwavering commitment to provide the new CEO with steadfast support in order to sustain the Bank’s growth trajectory. Moreover, U Microfinance Bank, an investment of PTCL Group, enjoys strong backing from the Group as it has consistently demonstrated impressive financial strength and performance.
The new CEO has long been associated with U Microfinance Bank as a Member of its Board of Directors. He brings significant experience from his previous role as the Group EVP for Financial Policies and Systems at e& Group. He holds a Master’s in International Business from the University of Wollongong, Dubai. He has over 20 years of professional experience, including positions at HSBC Bank, Dubai Commercial Bank, and the Development Board of the Dubai Government.
PTCL Group believes that Mr. Essa Al Taheri will play an instrumental role in the bank’s growth and progress, continuing with the remarkable and sustained digital transformation and innovation. The Group wishes him well.
Bank of the future forum unleashes banking innovation
The 12th edition of Bank of the Future Forum (BOFF) 2023, co-hosted by Systems Limited and Temenos, concluded on 5th October 2023 at the PC Hotel Karachi. With over 25 esteemed global speakers and a gathering of over 500 attendees representing banking leaders, decision-makers, regulators, fintech experts, and media, BOFF 2023 lived up to its reputation as a premier banking industry congregation.
This year’s theme, Cloud Banking, set the stage for a deep dive into transformative trends including Embedded Finance, Banking as a Service (BaaS), Customer Experience, Digital Transformation, Cloud, and Security. The event featured immersive demonstrations and the latest technologies showcased by international sponsors including Nevis Security, Red Hat, Salesforce, HID Global, Formpipe, Validata and Hysab Kytab. Systems Limited also exhibited its groundbreaking solutions & services such as banking in the Metaverse, customer onboarding, digital wallet, loan origination, and more.
BOFF 2023 commenced with a visionary address by Mr. Asif Peer, CEO & MD, Systems Limited, who welcomed the esteemed banking leaders. Asif Peer shared insights into strategic trends and highlighted the longstanding partnership of Systems and Temenos as well as our combined vision for next-gen banking.
William Moroney, Managing Director – Middle East and Africa, Temenos, shared a global perspective on Temenos’ journey as a trusted banking platform provider. He discussed upcoming cloud models and Temenos’ pivotal role in modernizing the global banking industry through its cloud-driven solutions.
An exciting fireside chat featured Muhammad Aurangzeb, CEO & President, HBL and Arif ul Islam, Deputy CEO Meezan Bank. They shared invaluable insights on how to drive superior customer experiences in banking, by emphasizing the importance of customer-centricity, operationalizing it, and leveraging technology to deliver consistent customer experiences.
BOFF 2023 featured a diverse array of sessions on critical topics, including Customer Identity and Access Management (CIAM), composable banking services, new levers for digital transformation, BaaS, Embedded Finance, Managed Services, Cloud, and Security.
A highlight of the event was the thought-provoking panel discussion, ‘Navigating Cloud Banking: Insights from Leading Industry Experts’, which welcomed CIOs from prominent banks including SCB, UBL, NBP, and ASA International. They engaged in discussions on cloud adoption, technology challenges in Pakistan, talent development, and capacity building.
Bank of the Future Forum 2023 emerged as a colossal success. The event witnessed exceptional attendance, providing unmatched opportunities for networking and knowledge-sharing. BOFF has firmly established itself as an event of scale, where industry leaders convene to explore the future of banking, forge collaborations, and set the course for transformative change.
Pakistan Cables wins another PSX top 25 Companies Award
Pakistan Cables won the PSX Top 25 Best Companies Award 2022 as announced in a statement by the Pakistan Stock Exchange, recently. The award is given by the PSX in recognition of the Company’s excellent financial and managerial performance for the fiscal year 2022.
The Company’s robust performance across the award criterion some of which include CSR, Governance and Investor Relations, sustainability, profitability and liquidity remained exemplary during the reporting period.
Pakistan Cables has been recognized by the PSX for the second time in a row, overall winning the prestigious award eight times over the years.
EFU’s Hasanali gets lifetime achievement award
Mr. Hasanali Abdullah, Vice Chairman, EFU General Insurance Ltd has been recognised with the Lifetime Achievement Award by the Insurance Association of Pakistan (IAP). This prestigious accolade is a testament to his exceptional contributions to the insurance industry and his remarkable leadership qualities.
Insurance Association of Pakistan (IAP) bestows the Lifetime Achievement Award to individuals who have made extraordinary and long-lasting contributions to the advancement of the insurance sector in Pakistan.
The recognition of Mr. Hasanali Abdullah’s accomplishments further strengthens EFU General’s position as a leader in the industry and serves as an inspiration to the entire insurance community, motivating them to strive for excellence and make a meaningful impact in their respective roles.
Adamjee Life wins 17th consumer choice award 2023
Adamjee Life, one of Pakistan’s largest life insurance companies, received the coveted ‘Trusted Insurance Partner Award’ for ‘Excellence in Customer Service’ at the Consumers Association of Pakistan’s 17th Consumers Choice Awards 2023 in Karachi.
Mr. Kamran Tessori, Minister of Sindh, presented the award to Ms. Nabeela Darugar, Head of Corporate Sales & Marketing at Adamjee Life. This Award represents Adamjee Life’s growth, customer-centric attitude, innovative products, and ability to meet consumers’ changing needs.
Ms. Nabeela Darugar stated, “It is an honor and a privilege for Adamjee Life to receive this recognition from Pakistan’s esteemed network of consumer rights. Adamjee Life has always been a consumer-focused company, and we continue to strive to serve our customers more effectively through technology driven services & products.”
PTCL Group posts double digit revenue growth of 26.3%
Pakistan Telecommunication Company Limited (PTCL), the leading telecom and ICT services providers in the country, has announced financial results for the nine months ended September 30, 2023. The announcement was made during the Board of Directors’ meeting held in Dubai on October 17, 2023.
In the first nine months of 2023, PTCL Group has maintained its strong performance, strengthening its status as Pakistan’s top integrated telecom service provider. Despite the challenging economic environment, the Group has achieved an impressive 26.3% increase in revenue compared to the same period last year. This substantial growth can be mainly attributed to outstanding performance in various sectors, including fixed broadband, mobile data, business solutions, and mobile banking services.
The business environment in 2023 remains affected by the unfavorable macroeconomic challenges that emerged in 2022. Increasing energy and fuel costs persist as hurdles for telecom companies, making it challenging to offer top-notch services to consumers at reasonable rates. Network expansion plans were also affected by the adoption of measures aimed at regulating foreign currency reserves. The substantial devaluation of the Pakistani Rupee during the first quarter, coupled with mounting interest rates and an additional super tax alongside regular corporate tax, has significantly affected profitability. To address the challenges being faced by the telecom sector, it is imperative that the government offers policy intervention to alleviate the impact.
PTCL Group Highlights
- PTCL Group’s revenue of Rs 139.6 billion in 2023 is 26.3% higher as compared to the same period of last year.
- The Group’s profitability was, among other factors, particularly affected by significant Rupee devaluation during the period as the Group has unhedged FOREX liabilities. The Group has posted a net loss of Rs 9.3 billion.
- PTCL continued its growth trajectory by posting 17.2% YoY revenue growth.
- PTML’s (Ufone) revenue grew remarkably by 24.3% YoY as compared to the same period of last year.
- Ubank has achieved a significant 80.3% growth in its revenue over the same period of last year.
PTCL Highlights
- PTCL’s revenue of Rs 71.6 billion for the period is 17.2% higher than 2022, mainly driven by growth in Carrier & Wholesale, Enterprise, and Broadband segments.
- The company has posted an operating profit of Rs 4.2 billion with an impressive 29.6% growth over last year and a net profit of Rs 7.6 billion.
PTCL Consumer Business
PTCL Fixed Broadband Business achieved significant revenue growth of 16.7% vs. last year. PTCL Flash Fiber remains the fastest-growing operator through the highest net adds contribution in the industry. This phenomenal growth has been possible through the aggressive expansion of PTCL Flash Fiber and dedicated customer experience throughout the country. PTCL Flash Fiber reported 104.9% revenue growth YoY. Moreover, IPTV segment has been further equipped with the addition of 50 channels reaching a total of 200 channels to cater growing customer TV viewing needs. Voice and Charji revenue streams continued the declining trajectory impacted by OTT services and competition from cellular operators.
PTCL Business Services
The business services segment continued its momentum sustaining market leadership in IP bandwidth, Cloud, Data Center, and other ICT services segments. PTCL’s enterprise business grew by 31.8% as compared to last year, while carrier and wholesale business continued its growth momentum and achieved 29.2% overall revenue growth. International voice revenue has increased by 17.9% as compared to last year. Despite the current challenging economic environment, overall Business Solutions revenue has shown a remarkable 27% year-on-year growth.
As Pakistan’s primary telecom provider and the core of the country’s connectivity, PTCL Group is committed to providing creative solutions that propel the advancement of a ‘Digital Pakistan’. This is accomplished by building strong telecommunication infrastructure and offering a diverse range of services, all focused on elevating customer satisfaction and hastening progress in the nation. Ufone 4G|PTCL Business Solutions has partnered with DynaSys to support the IoT and Satcom needs of business partners. It will help achieve that objective by providing futuristic, innovative, and cost-effective solutions even in the remotest parts of the country. In addition, the company has joined hands with ChildLife Foundation to provide telecom services for the remote telemedicine facility in more than 200 telemedicine satellite and emergency centers across Pakistan. Moreover, PTCL and Board of Revenue Baluchistan signed an agreement for provisioning of IaaS Smart Cloud Services at PTCL’s Tier-III Data Center for Land Record Management System (LRMS) and Fiber Optic Connectivity at Facilitation Centers at different districts of the province.
PTML – Ufone 4G Highlights
Ufone 4G for the first time in history has crossed a milestone mark of 25 million subscribers in Q3’23 and reported a 24.3% YoY revenue increase. Ufone 4G posted the highest net adds in the industry and led the industry in 4G acquisitions during the quarter. Our 4G base crossed the mark of 14 million for the first time in Sep’23. This growth has been possible due to better customer experience and digital engagement through multiple data-centric products and strategic partnerships with leading digital platforms. Ufone 4G continues its network modernization activities to provide unmatched customer experience across Pakistan.
The company has started transforming its flagship joint shops nationwide into Digital Lifestyle Experience Shops, aimed at delivering an end-to-end digital lifestyle experience to its customers. The joint shops are equipped to provide a comprehensive suite of world-class services, including a wide range of handsets, internet devices, repair & maintenance, exclusive discounts & value-added offers. Ufone’s Upaisa is now part of e&Money, UAE and MobilyPay, KSA Apps menu facilitating Pakistani diaspora to send money directly into UPaisa wallets by using these apps.
Ubank Highlights
Ubank, microfinance and branchless banking subsidiary of PTCL, continued its growth trajectory and has achieved a remarkable 80.3% growth in revenue over the corresponding period of last year, while maintaining a strong balance sheet position. The bank stands resolute in its commitment towards financial and social inclusion, utilizing its extensive outreach to provide exceptional services to a diverse clientele across the length and breadth of the country through its rural retail banking, corporate finance & investment banking, Islamic banking, urban retail banking, corporate banking, and digital banking canvases.
Corporate Social Responsibility
In the first nine months of 2023, PTCL Group actively engaged in various CSR endeavours to reinforce its role as a national carrier. These initiatives included a collaboration with GSMA, focusing on addressing Digital Gender Disparity through a workshop aimed at bridging the gender gap in mobile usage in Pakistan. Additionally, PTCL and Ufone 4G partnered with the Parks & Horticulture Authority (PHA) in Rawalpindi to carry out a tree planting campaign at Khajut on Murree Expressway. This effort aimed to promote environmental conservation and bolster the country’s resilience against climate change. Furthermore, in response to severe natural disasters in North African countries like Morocco and Libya, the Group spearheaded a significant CSR project. The initiative’s goal was to facilitate free calls connecting families in Pakistan with their affected loved ones in those crisis-stricken regions. Lastly, PTCL Group collaborated with ConnectHear, a social enterprise dedicated to empowering individuals with hearing impairments, to organize a sign language training session for its Customer Service Center. Demonstrating its commitment to social responsibility, PTCL Group actively contributes to the well-being of society.
Unity plantations and green corporate initiative join hands to revolutionise agriculture sector
Unity Plantations (Private) Limited a wholly owned subsidiary of Sunridge Foods (Private) Limited, which in turn is a wholly owned subsidiary of Unity Foods Limited, hereinafter collectively referred to as Unity Group and Green Corporate Initiative (Private) Limited are proud to announce a groundbreaking Master Collaboration Agreement that is set to reshape Pakistan’s agriculture and livestock sector, bolstering food security and promoting sustainable development.
This strategic partnership is dedicated to addressing critical challenges within Pakistan’s agricultural landscape, with a sharp focus on enhancing food security, reducing reliance on imports, elevating seed productivity, preserving the nation’s rich biodiversity by establishing a complete eco system and developing integrated supply chain within and outside Pakistan.
Unity Group, will be leveraging modern technologies, international networks, technical prowess, its existing state of the art processing facilities, and substantial financial resources, for spearheading efforts to cultivate corporate farms and livestock. This ambitious endeavor will encompass a minimum of 75,000 acres of designated land, and utilization of the produce by establishing and further enhancing the operations of its processing facilities and related infrastructure to enrich the value of agricultural and livestock products.
Mr. Amir Shehzad, the Executive Director of Unity Foods, expressed his enthusiasm for this transformative partnership, stating, “We are thrilled to embark on this significant collaboration with Green Corporate Initiative, which will play a pivotal role in strengthening food security and advancing sustainable agriculture in Pakistan. Unity Group is fully committed to being at the forefront of this transformative journey.”
Green Corporate Initiative, led by its Director, Muhammad Yousaf Majoka, shares the excitement for this partnership and its potential to drive positive change in Pakistan’s agriculture sector. Mr. Majoka commented, “This collaboration represents a strategic alliance with a clear mission to drive progress in Pakistan’s agriculture. By working together, we aspire to achieve enduring positive impacts on the nation’s food security and related developmental goals.”
The signing of the Master Collaboration Agreement signifies the unwavering commitment of both Unity Plantations and Green Corporate Initiative to the sustainable development of Pakistan’s agriculture and livestock sector. This agreement was drafted and structured by SR Law. It marks a significant milestone in their shared mission to contribute to the growth and prosperity of the nation.
This partnership embodies the spirit of collaboration and innovation, and both organizations are eager to bring their collective expertise to bear on the challenges facing Pakistan’s agriculture and livestock industries. With a united vision and shared determination, Unity Plantations and Green Corporate Initiative are set to usher in a new era of sustainability and prosperity for Pakistan.