Telenor posts 10pc revenue growth

KARACHI: Telenor Pakistan has posted double-digit revenue growth of 10 percent as the topline hit Rs29.4 billion mark during the second quarter of 2023, up from Rs26.7 billion it had reported during the same period last year.

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

Earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 8 percent on higher service revenues and revenues from incoming international interconnect traffic. Telenor’s wholesale and other mobile revenues reached Rs6.16 billion during Q2 2023, up from Rs4.22 billion during the same quarter last year.

Higher energy prices, adverse currency movements, and increased contractual costs added to the opex, which stood at Rs12.47 billion during the reported quarter, up from Rs10.99 billion during the same period last year.

Commenting on the results, Sigve Brekke, CEO of Telenor Group, said that he was 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.