Hatem Bamatraf Urges Approval of PTCL-Telenor Merger Amid 17% Decline
The merger approval is crucial for PTCL's future plans, and any further delay may have significant consequences for the company and its stakeholders, as Hatem Bamatraf emphasizes the need for a swift decision to move forward with the acquisition and achieve the vision of a "Digital Pakistan".
PTCL has posted a 17% decline in consolidated loss for the first quarter of 2025, with revenue rising 22% to Rs61.85 billion, driven by strong top-line performance, and President and CEO Hatem Bamatraf is urging swift approval of the company's merger with Telenor.
The company's financial results for the first quarter of 2025 showed a significant improvement in revenue, with a 22% growth, but PTCL still maintained its loss-making track with a net loss of Rs3.97 billion. The main reason for the loss was the financial condition of Ufone, which saw a 21% revenue increase but remained in the red. Hatem Bamatraf expressed surprise at the one-year delay in the transaction and pointed out that Etisalat, which owns PTCL, has successfully completed similar transactions in other countries without such delays.
PTCL's management has submitted all necessary documents to the Competition Commission of Pakistan (CCP) and is waiting for the approval. Bamatraf warned that further delay in the CCP's decision regarding the acquisition of Telenor Pakistan and Orion Towers may impact the agreement between the two companies. He also mentioned that the delay may affect the loan agreement between PTCL and the International Finance Corporation.
Despite the challenges, PTCL has introduced innovative services, including an industry-first WhatsApp-based bill payment solution in Pakistan, offering customers unmatched convenience, security, and accessibility. The company aims to bring the vision of a "Digital Pakistan" to reality through its services and solutions. PTCL's revenue grew by 14% YoY to Rs29.6 billion, while PTML's revenue grew by 21% YoY to Rs4.2 billion.
In conclusion, PTCL's financial results for the first quarter of 2025 show a mixed picture, with revenue growth but continued losses. The company's management is urging swift approval of the merger with Telenor, and it remains to be seen how the situation will unfold in the coming months.