Karachi: Worldcall Telecom Ltd. (WTL) outlined a significant shift towards becoming a solutions-centric firm in its latest analyst briefing, which also covered its financial performance for the first half of CY24 and a strategic outlook for the future. The company reported a noticeable reduction in losses and highlighted robust revenue growth alongside several promising initiatives poised to capitalize on upcoming technological advances such as 5G.
According to AKD Securities Limited, WTL’s loss for the first half of CY24 stood at PKR 750 million, a reduction from PKR 1.2 billion in the same period last year, largely due to increased revenues and the absence of exchange losses that impacted the previous year. Revenues soared to PKR 2.3 billion from PKR 1.3 billion, marking a 73% year-over-year increase. The company achieved a positive EBITDA during this period, indicating improving operational efficiency, although high depreciation costs related to its substantial asset base tempered bottom-line benefits.
WTL is transitioning from a traditional service provider to a solutions-oriented entity with a diversified product portfolio aimed at sectors like Fintech, Telco, Retail, and Fashion. The briefing spotlighted CADNZ, a comprehensive Customer Relationship Management application designed for the banking sector with the potential to generate annual revenues of US$4 million, and KRYTON, an infrastructure service product expected to bring in US$3 million annually.
Furthermore, the company’s strategic move to expand its broadband network, dubbed the ‘Million Connect’ initiative, aims to extend broadband access to 1 million users, leveraging existing infrastructure to promote broadband growth. This plan coincides with the anticipated countrywide rollout of 5G, for which WTL has prepared by establishing necessary infrastructure, positioning it as a primary network provider for telecom companies.
WTL also reported additional revenue of PKR 78 million from its affordable broadband initiative and a US$7 million technology development contract with WMG to launch 200,000 broadband subscriptions, of which 10,000 connections have already been activated.
The company’s network upgrade from Hybrid Fiber Coaxial (HFC) to Fiber to the Home (FTTH) technology is progressing, with Lahore already successfully transitioned. Plans are in place to expand the network into additional cities to enhance market presence and accessibility.