Telenor Pakistan releases Q2 results, posts 10% revenue growth

Telenor Pakistan today posted double-digit revenue growth of 10% as the topline hit Rs. 29.4 billion mark during the second quarter of 2023, up from Rs. 26.7 billion it had reported during the same period last year.

Telenor said that its service revenue increased by 4 percent, primarily due to improved data monetization. Revenues witnessed a negative impact due to decreased subscription base during the quarter compared to last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 8 percent due to higher service revenues and revenues from incoming international interconnect traffic.

Telenor’s wholesale and other mobile revenues reached Rs. 6.16 billion during Q2 2023, up from Rs. 4.22 billion during the same quarter last year.

Higher energy prices, adverse currency movements, and increased contractual costs added to the opex, which stood at Rs. 12.47 billion during the reported quarter, up from Rs. 10.99 billion during the same period last year.

Commenting on the results, Sigve Brekke, CEO of Telenor Group, said that he is impressed with Telenor Pakistan’s achievements, considering the market conditions and inflation in the country.

The macro-economic outlook for Pakistan remains challenging and the entity is still sensitive to impairment, said the quarterly earnings report.

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