PTC - Analyst Briefing Key Takeaways,(AKD Off the Analyst's Desk May 25, 2023)
Pakistan Telecommunication Company Ltd (PTC) held its corporate briefing session today to discuss its CY22 results and future outlook. To recall, the company posted unconsolidated PAT of PkR9.1bn (EPS: PkR1.78) in CY22 vs PkR6.9bn (EPS: PkR1.35) in SPLY, growing 32%YoY.
- On a standalone basis, company has posted revenue of PkR83.4bn, up by 9%YoY. Increase in the revenue is attributed to growth in the Wireline data/Corporate & wholesale by 12%/14%YoY. The said increase offsets the impact 16%YoY decline in wireless data operations.
- PTCL has achieved subscriber sales and revenue growth of 2xYoY for Fiber-to-the-home (FTTH). Likewise, Fixed Broadband (FBB) and PTCL smart TV also witnessed revenue growth of 12%/8%YoY, respectively. Moreover, Flash Fiber market share increased to 27% in 2022 vs 17% SPLY.
- Ufone also witnessed revenue growth of 7%YoY during the outgoing year. Meanwhile, the total subscriber base and 4G base increased by ~1.0/4.3mn customers, respectively.
- On Ubank front, revenue rose by 35%YoY during CY22, where deposit customer base witnessed an increase of 34%YoY to 3.7mn, and deposit amount increased by PkR37bn to reach PkR92bn CY22. Likewise, Advances increased by PkR15bn to reach PkR51bn in the outgoing year. Moreover, bank has currently 300 plus branches and more than 230 ATM’s. Furthermore, 56% of the Gross Loan Portfolio (GLP) is secured via Gold Backed Loans.
- Additionally, Ubank has currently 30 standalone Islamic branches operational and has launched its first digital Islamic product. Bank has also acquired commercial license for nationwide Islamic banking services during the year.
- On a consolidated basis, PTCL group has reported revenue of PkR151.6bn during CY22, up by 10.2%YoY. Revenue growth is attributed to all three companies, as all of them posted positive revenue growth in the group. While on the flipside, company posted a LAT of PkR7.8bn in CY22, largely impacted by operating expense increase from Ufone and 158%YoY increase in finance cost. Said increase in the finance cost is attributable to exchange losses booked by Ufone and increase in benchmark rate during the year.
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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