Telecard limited recorded net revenue of PKR 5.7 Bn in FY 2023, up 28.5% from PKR 4.4 Bn in FY22. Similarly, net revenue in 1QFY24 recorded an 83.1% increase to PKR 2.1 Bn from PKR 1.2 Bn in 1QFY23.
Operating profit for the company was down from PKR 852 Mn in FY22 to PKR 563 Mn in FY23, a drop of 34%. However, operating profit for 1QFY24 was recorded at PKR 288 Mn, up 86.1% from PKR 155 Mn in 1QFY23.
Profit before taxation stood at PKR 407 Mn in FY23, a decrease of 46% against PKR 751 Mn in FY22. For 1QFY24 this trend was changed as profit before tax surged 97% to PKR 232 Mn from PKR 118 Mn in 1QFY23.
Profit after tax was PKR 324 Mn in FY23 down 23% against PKR 422 Mn in FY22. However, profit after tax increased 90% from PKR 88 Mn in 1QFY23 to PKR 167 Mn in 1QFY24.
The company witnessed a 23% increase in its non service revenue from PKR 911 Mn in FY22 to PKR 1.12 Bn in FY23. This was on the back of its focus to expand non service revenue and it hopes to continue such a trend in the future.
Going forward the company is aiming to list its subsidiary Supernet on the main board, this would be in addition to recent proposed amendments to the GEM board regulations. The amendment will allow the general public to trade in the secondary market 6 months after listing. Telecard aims for this move to help unlock value of its business.
Telemart has also recently entered into a PKR 600+ Mn agreement with one of the leading banks in Pakistan to assist in its customer communication needs.
The company is actively engaged in looking for direct dollarbased customers or dollar pegged business in order to counteract any depreciation and inflation related costs it may incur. In this regard it is excited regarding the opportunities represented by the focus on technology in the MENA region.
With the government of Pakistan pushing for a more ambitious IT target in the coming years the company is poised to capitalize on such a shift by providing businesses with the services they require to export in this sector.
Important Disclosures
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