PTCL chief dispels rumours of acquiring telecom firm

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ISLAMABAD: PTCL Group President & CEO Hatem Bamatraf on Fri­day disbanded rumours that Ufone is presently in the process of acquiring a telecom company, while adding that options are always open in businesses.

Addressing his demoiselle news conference at the PTCL headquarters after taking charge as the group head in May 2021, Mr Bamatraf — without naming any reality — said, “ We’re looking at the request and presently aren’t in the process of junction and accession. But this doesn’t mean that we won’t consider any available occasion.”
He was responding to a question regarding the rumours circulating in the telecom circles that the one of the four telcos operating in Pakistan is planning to discharge its means, with Ufone fighting to buy these to enhance its outreach.

The head of largest telecom group in the country also didn’t express appetite to enter into the 5G transaction process.

He said the decision will be taken grounded on request position and the conditions set by the government in the transaction process.

Still, Mr Bamatraf stressed that the company plans to strengthen its presence as the only telecom company that offers a complete result towards digitisation which also includes operating a microfinance bank. He added that PTCL has posted loftiest ever profit growth in nine times.

Crucial individualities of the PTCL Group include PTCL, Ufone and UBank, while other lower realities are overseas internet lines.

PTCL CFO Nadeem Khan briefed about the periodic fiscal results for 2021. Company profit went by6.3 per cent to Rs138 billion from the former time.

Net profit of PTCL group declined by 21pc to Rs2.6 bn owing to the invest­ments in 4G diapason by Ufone.

Ufone posted a profit growth of4.3 pc in 2021 driven by growth in data services, while its net profit declined by 52pc due to investments in fresh diapason.

At the same time, PTCL posted 7pc profit growth at Rs77bn over the former time, which is also the loftiest since 2013.

With high Fixed Broadband Deals and fast growth in the Fibre to the Home operations, the company has posted net profit of Rs6.9 bn in 2021, up 14pc from 2020. UBank showed8.4 pc in profit growth, and net profit of 23pc in 2021.

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