PTCL’s profitability jumps by 38% YoY during CY20

By MG News | February 10, 2021 at 04:59 PM GMT+05:00

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February 10, 2021 (MLN): Pakistan Telecommunication Company Limited (PTCL) has disclosed its financial results today for CY20, wherein the company reported a 37.6% YoY increase in consolidated profits after tax to Rs 3.27 billion, compared to Rs 2.37 billion in CY19.

The growth in earnings of the company can be attributed to higher profits from operations and a significant increase in income from other sources.

Stability in revenues coupled with cost optimization initiatives translated into a 15.6% YoY improvement in the company’s operating profits.

During the year, the PTCL registered only a 1.65% YoY and 1.4% YoY increase in admin cost and financial charges respectively, while its selling and marketing costs nosedived by 2.36% YoY.

The further respite was drawn from a 34% YoY increase in Company’s other income from Rs 6.15 billion to Rs 8.26 billion.

The effective tax rate of the company came in at 28% compared to 35% in CY19.

Consolidated Financial Results for the year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	%Change
Revenue	129,422,497	129,542,521	-0.09%
Cost of services	(96,312,058)	(95,658,891)	0.68%
Gross profit	33,110,439	33,883,630	-2.28%
Administrative and general expenses	(16,961,326)	(16,685,230)	1.65%
Selling and marketing expenses	(7,119,067)	(7,291,153)	-2.36%
Impairment loss on trade debts and contract assets	(3,390,604)	(3,225,473)	5.12%
	(27,470,997)	(27,201,856)	0.99%
Operating Profit	5,639,442	6,681,774	-15.60%
Other income	8,261,727	6,156,874	34.19%
Finance cost	(9,334,626)	(9,202,708)	1.43%
Profit before tax	4,566,543	3,635,940	25.59%
Provision for income tax	(1,293,877)	(1,258,840)	2.78%
Profit for the period	3,272,666	2,377,100	37.67%

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