Pakistan’s volatile macroeconomic situation during the current fiscal year and its exchange rate fluctuations impacted Telenor Pakistan‘s performance during the second quarter of 2022. Despite the economic challenges, Telenor Pakistan reported a revenue of PKR 26.7 billion, up by PKR 104 million from Q2 last year. The company reported YoY growth of +1.8% in subscription and traffic revenues (S&T), +1.7% in service revenues and +0.4% in total revenues. The reported EBITDA growth stood at -14.9% while EBITDA margin was 47.3% for Q2 2022. During the quarter 289,000 subscriptions, were added to the network with the subscriber base now standing at 49.5 million.
The EBITDA development was majorly attributable to significant hikes in fuel and electricity prices coupled with YoY reduction in mobile termination rates. The rising inflation in the country (June: 21.3%), significant rupee devaluation and the prevailing economic situation also had on impact in the performance.
Commenting on the latest financial results, Irfan Wahab Khan, Chief Executive Officer, Telenor Pakistan said, “The last quarter has been challenging for the country, particularly for the telco sector that impacts all segments of society and also relies heavily on its economic environment. However, despite these disruptions we embraced our responsibility of providing access to opportunities. Our commitment to serve Pakistanis and increase in our subscriber base in these testing times is reflective of the strong bond that Telenor Pakistan enjoys with the people and how they value it as a reliable partner.”