Islamabad: Telenor Pakistan reported revenue of Rs. 30.11 billion for the third quarter of 2024, up 6.7% year over year from Rs. 28.2 billion for the same quarter in 2023.
In Q3 2024, the company went through a disposal process and resumed strong EBITDA growth despite challenging macro conditions.
According to its third-quarter 2024 report, Telenor Pakistan demonstrated a sustained increase in service revenues in Asia, with organic growth of 8%. This growth was primarily driven by the company’s ongoing monetization strategy, which countered the 3% decline in its subscription base.
According to the report, Pakistan’s political and economic climate may increase the likelihood of financial instability, security issues, and civil unrest.
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Primarily monetization initiatives, Telenor Pakistan’s ARPU grew by 11% annually. Due mostly to the reversal of energy accruals, Opex climbed by 6% less than anticipated.
In December 2023, it was revealed that Telenor Pakistan would be sold to Pakistan Telecommunications Company Ltd. Until the required permissions are secured to complete the deal, Telenor Pakistan stays a part of the Asia-Pacific business area.
Despite these reversals, the growth in Opex is still lower than it was in the prior quarters of this year, mostly because of lower fuel tariffs. Telenor Pakistan had a strong 9% EBITDA growth as a result of strong top-line growth, a lower inflation rate, and accrual reversals that reduced Opex.
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The reduction in Grameenphone (Bangladesh) more than offset the growth in Telenor Pakistan, resulting in a 1% decline in total service revenues for Asia. The fall in the top line also affects EBITDA for Asia, which leads to a 3% organic decline.
