ISLAMABAD: President and CEO of PTCL Group, Hatem Bamatraf, on Monday criticized the delay by the Competition Commission of Pakistan (CCP) in approving the proposed merger between PTCL and Telenor Pakistan, calling it “unfair” and “surprising.”
Speaking at a media briefing on the company’s financial results for the first quarter of 2025, Bamatraf said, “We are waiting for the approval, and we are surprised over the delay — it should not have taken place.” He stressed that PTCL had submitted all required documentation to the CCP and that the prolonged wait was now becoming critical.
He further highlighted the strategic importance of the transaction, pointing to substantial investments made by Etisalat — PTCL’s parent company — in Pakistan and other international markets. He warned that further delays could jeopardize a loan agreement between PTCL and the International Finance Corporation (IFC), a member of the World Bank Group.
However, a spokesperson for the CCP responded to the CEO’s remarks by stating that the delay was due to a lack of cooperation from PTCL. “The company has yet to respond to the required documents and plans requested by the Commission,” the spokesperson said.
Financial Results: Q1 2025
PTCL Group posted a revenue of Rs 61.85 billion for the quarter ending March 31, 2025 — reflecting a 22% year-on-year growth. Despite this, the group reported a net loss of Rs 3.97 billion, largely attributed to Ufone’s continued financial strain.
PTCL, the flagship company of the group, recorded a net profit of Rs 1.17 billion for the quarter. Ufone, despite achieving a 21% increase in revenue, remained in the red, contributing significantly to the group’s overall losses. UBank also remained a part of the group’s financial landscape but its individual performance was not separately disclosed.
Among the bright spots, PTCL’s Enterprise Business grew by 23% compared to the same period last year, while the Carrier and Wholesale segment saw a 24% rise in revenue. Notably, Flash Fiber surpassed 700,000 subscribers, fueling a 70% year-on-year increase in revenue for the fiber broadband segment.
In another innovation milestone, PTCL launched Pakistan’s first WhatsApp-based bill payment solution, aiming to enhance customer convenience and support the government’s vision of a ‘Digital Pakistan.’
The Business Services segment also solidified its market leadership in IP bandwidth, cloud services, data centers, and other ICT solutions.
Meanwhile, Ufone reported an operating profit margin of 11%, showing some operational improvement despite its continued net losses.
