BALANCE SHEET

2019 2020 2021

Current assets
Stores and spares 5,335,121 3,832,884 5,575,040
Contract costs 1,525,845 2,626,170 1,742,684
Trade debts and contract assets 20,258,574 25,436,953 27,936,723
Loans and advances 922,344 1,553,937 4,931,477
Income tax recoverable 17,756,175 24,837,418 18,548,005
Receivable from GoP 2,164,072 2,164,072 2,164,072
Prepayments and other receivables 16,697,980 17,160,181 16,427,088
Short term investments 6,906 30,736,733
Cash and bank balances 4,167,524 12,492,568 2,556,154
68,834,541 149,413,563
Non-current assets
Property, plant and equipment 116719808 193,715,646 121,507,885
ROU assets 1,144,505 19,419,596 2,085,452
Intangible assets 1,463,269 25,582,008 1,866,109
Long term investments 8,936,284 51,427 30,736,284
Long term loans to banking customers 474,351 1,433,652
Long term loans and advances 12,387,056 1,048,127 9,077,445
Deferred income tax 2,745,195
Contract costs 508,615 703,496 580,895
141,159,537 241,953,952
Total assets 209,994,078 391,367,515 245,735,313

Liabilities
Non-current liabilities
Long term loans from banks 19,716,427 28,774,903
Subordinated debt 599,400 599,160
Deposits from banking customers 3,347,788 3,766,456
Deferred income tax 5,932,356 6,093,589 2,897,782
Employees retirement benefits 27,042,310 24,581,798 27,065,257
Deferred government grants 7,578,974 18,216,421 8,618,967
Advances from customers 1,526,911 1,499,169 1,649,806
Long term vendor liability 25,709,208 31,069,424
Lease liabilities 927,185 16,974,431 1,307,056
Current liabilities
Trade and other payables 78,261,680 94,177,147 103,320,087
Deposits from banking customers 18,958,369 42,285,528
Interest accrued 1,658,615 1,371,131
Short term running finance 4,058,444 6,680,285
Security deposits 583,739 1,302,184 591,137
Unpaid / unclaimed dividend 211,589 211,511 210,317
Current maturity of lease liabilities 177,955 27,189,656 421,755
Current portion of long term loans from banks

Equity
Share capital 51,000,000 51,000,000 51,000,000
Insurance reserve 3,172,624
General reserve 27,497,072 27,497,072 27,497,072
Unappropriated profit 6,081,683 7,984,136 21,156,077
Statutory and other reserves 285,013 511,553
Unrealized gain / (loss) on investments m 8,779 629

Total equity and liabilities 209,994,078 391,367,515 245,735,313

NCE SHEET
2022 2023

7,636,587 9,433,265
1,934,409 2,593,728
39,293,476 52,587,358
8,091,983 4,628,442
21,138,370 22,598,810
2,164,072 2,164,072
21,689,431 29,117,706

5,684,955 10,029,317

131,489,641 144,017,787
1,777,706 1,698,902
1,445,264 1,742,663
44,736,284 71,836,284

17,432,860 32,225,182
2,745,195
644,804 183,092

305,159,842 387,601,803

22,379,981

1,898,305 34,324,346
29,208,130 15,080,525
14,205,487 50,781,306

1,885,020 1,661,536
1,271,634 1,290,725

124,932,591 141,423,801

92,582 24,214,700
606,424 616,031
209,814 209,256
347,459 391,989
 68,386 239,408

51,000,000 51,000,000

27,497,072 27,497,072
29,556,957 38,871,108

305,159,842 387,601,803
 VERTICAL ANALYSIS
2019 2020 2021 2022 2023
Current assets
Stores and spares 3% 1% 2% 3% 2%
Contract costs 1% 1% 1% 1% 1%
Trade debts and contract assets 10% 6% 11% 13% 14%
Loans and advances 0% 0% 2% 3% 1%
Income tax recoverable 8% 6% 8% 7% 6%
Receivable from GoP 1% 1% 1% 1% 1%
Prepayments and other receivables 8% 4% 7% 7% 8%
Short term investments 0% 8%
Cash and bank balances 2% 3% 1% 2% 3%
33% 38%
Non-current assets
Property, plant and equipment 56% 49% 49% 43% 37%
ROU assets 1% 5% 1% 1% 0%
Intangible assets 1% 7% 1% 0% 0%
Long term investments 4% 0% 13% 15% 19%
Long term loans to banking customers 0% 0%
Long term loans and advances 6% 0% 4% 6% 8%
Deferred income tax 1% 1%
Contract costs 0% 0% 0% 0% 0%
67% 62%
Total assets 100% 100% 100% 100% 100%

Liabilities
Non-current liabilities
Long term loans from banks 9% 7% 7%
Subordinated debt 0% 0%
Deposits from banking customers 2% 1%
Deferred income tax 3% 2% 1% 1% 9%
Employees retirement benefits 13% 6% 11% 10% 4%
Deferred government grants 4% 5% 4% 5% 13%
Advances from customers 1% 0% 1%
Long term vendor liability 12% 8% 1% 0%
Lease liabilities 0% 4% 1% 0% 0%
Current liabilities
Trade and other payables 37% 24% 42% 41% 36%
Deposits from banking customers 9% 11%
Interest accrued 1% 0%
Short term running finance 2% 2% 0% 6%
Security deposits 0% 0% 0% 0% 0%
Unpaid / unclaimed dividend 0% 0% 0% 0% 0%
Current maturity of lease liabilities 0% 7% 0% 0% 0%
Current portion of long term loans from 0% 0%

Equity
Share capital 24% 13% 21% 17% 13%
Insurance reserve 2%
General reserve 13% 7% 11% 9% 7%
Unappropriated profit 3% 2% 9% 10% 10%
Statutory and other reserves 0% 0%
Unrealized gain / (loss) on investments 0% 0%

Total equity and liabilities 100% 100% 100% 100% 100%

 HORIZONTAL ANALYSIS
2019 2020 2021
Current assets
Stores and spares -28% 4%
Contract costs 72% 14%
Trade debts and contract assets 26% 38%
Loans and advances 68% 435%
Income tax recoverable 40% 4%
Receivable from GoP
Prepayments and other receivables 3% -2%
Short term investments 444973% -100%
Cash and bank balances 200% -39%
117% -100%
Non-current assets
Property, plant and equipment 66% 4%
ROU assets 1597% 82%
Intangible assets 1648% 28%
Long term investments -99% 244%
Long term loans to banking customers 202% -100%
Long term loans and advances -92% -27%
Deferred income tax
Contract costs 38% 14%
71% -100%
Total assets 86% 17%

Liabilities
Non-current liabilities
Long term loans from banks 46% -100%
Subordinated debt 0% -100%
Deposits from banking customers 13% -100%
Deferred income tax 3% -51%
Employees retirement benefits -9% 0%
Deferred government grants 140% 14%
Advances from customers -2% 8%
Long term vendor liability 21% -100%
Lease liabilities 1731% 41%
Current liabilities
Trade and other payables 20% 32%
Deposits from banking customers 123% -100%
Interest accrued -17% -100%
Short term running finance 65% -100%
Security deposits 123% 1%
Unpaid / unclaimed dividend 0% -1%
Current maturity of lease liabilities 15179% 137%
Current portion of long term loans from banks

Equity
Share capital
Insurance reserve -100% -100%
General reserve
Unappropriated profit 31% 248%
Statutory and other reserves 79% -100%
Unrealized gain / (loss) on investments measured at -93% -100%

Total equity and liabilities 86% 17%

ONTAL ANALYSIS
2022 2023

43% 77%
27% 70%
94% 160%
777% 402%
19% 27%

30% 74%
-100% -100%
36% 141%
-100% -100%

13% 23%
55% 48%
-1% 19%
401% 704%
-100% -100%
41% 160%

27% -64%
-100% -100%
45% 85%

14% -100%
-100% -100%
-100% -100%
-68% 479%
8% -44%
87% 570%
-100% -100%
-93% -94%
37% 39%

60% 81%
-100% -100%
-100% -100%
-98% 497%
4% 6%
-1% -1%
95% 120%
-100% -100%

386% 539%
-100% -100%
-100% -100%

45% 85%
 INCOME STATEMENT
2019 2020 2021 2022 2023

Revenue 71,548,302 129,422,497 76,853,090 83,443,998 96,266,714

Cost of services -54,569,330 -96,312,058 -60,320,343 -65,211,315 -76,101,739
Gross profit 16,978,972 33,110,439 16,532,747 18,232,683 20,164,975
Administrative and general expe -6,759,574 -16,961,326 -7,382,836 -7,823,757 -8,808,411
Selling and marketing expenses -2,991,971 -7,119,067 -3,511,994 -3,821,196 -4,872,432
Impairment loss on trade debts an -2,288,544 -3,390,604 -1,469,679 -1,707,110 -1,619,174

Operating profit 4,938,883 5,639,442 4,168,238 4,880,620 4,864,958

Other income 4,710,120 8,261,727 5,852,786 10,803,627 19,409,582
Finance costs -317,775 -9,334,626 -339,363 -2,171,733 -10,368,603
Profit before tax 9,331,228 4,566,543 9,681,661 13,512,514 13,905,937
Taxation -2,983,993 -1,293,877 -2,807,684 -4,459,130 -4,515,394
Profit after tax 6,347,235 3,272,666 6,873,977 9,053,384 9,390,543

Earnings per share - basic and 1.24 1.18 1.35 1.78 1.84
 HORIZONTAL ANALYSI
2019

Revenue
Cost of services
Gross profit
Administrative and general expenses
Selling and marketing expenses
Impairment loss on trade debts and contract assets

Operating profit
Other income
Finance costs
Profit before tax
Taxation
Profit after tax

Earnings per share - basic and diluted (Rupees)

HORIZONTAL ANALYSIS
2020 2021 2022 2023

81% 7% 17% 35%

76% 11% 20% 39%
95% -3% 7% 19%
151% 9% 16% 30%
138% 17% 28% 63%
48% -36% -25% -29%

14% -16% -1% -1%

75% 24% 129% 312%
2837% 7% 583% 3163%
-51% 4% 45% 49%
-57% -6% 49% 51%
-48% 8% 43% 48%

-5% 9% 44% 48%

 VERTICAL ANALYSIS
2019 2020 2021 2022
Revenue 100% 100% 100% 100%
Cost of services -76% -74% -78% -78%
Gross profit 24% 26% 22% 22%
Administrative and general expenses -9% -13% -10% -9%
Selling and marketing expenses -4% -6% -5% -5%
Impairment loss on trade debts and contract assets -3% -3% -2% -2%

Operating profit 7% 4% 5% 6%
Other income 7% 6% 8% 13%
Finance costs 0% -7% 0% -3%
Profit before tax 13% 4% 13% 16%
Taxation -4% -1% -4% -5%
Profit after tax 9% 3% 9% 11%

Earnings per share - basic and diluted (Rupees) 0% 0% 0% 0%

 2023
100%
-79%
21%
-9%
-5%
-2%

5%
20%
-11%
14%
-5%
10%

0%
 CASHFLOW STATEMENT
2019 2020 2021 2022
Cash flows from operating activities
Cash generated from operations 31,159,394 37,916,231 30,174,677 27,414,969
Payment to Pakistan Telecommunication Empl -3,500,000 -3,500,000 -807,959 -822,813
Payment to PTCL Employees Gratuity Fund -308,994
Employees retirement benefits paid -1,225,388 -1,236,684 -1,890,455 -1,829,919
Interest paid on short term running finance
Advances from customers 414,458 129,043 282,121 394,788
Income tax paid -2,076,023 -1,589,154 -1,894,935 -1,922,604
Net cash inflows from operating activities 24,772,441 31,719,436 25,863,449 22,925,427

Cash flows from investing activities

Capital expenditure -24,801,759 -13,241,562 -22,145,159 -25,881,242
Acquisition of intangible assets -224,345 -491,780 -923,174 2,596,853
Proceeds from disposal of property, plant and 885,030 1,416,845 986,240
Disposal of short term investments
Long term loans to subsidiries
Addition to contract cost -3,064,418 -3,440,433 -3,686,946 -3,989,450
Long term loans and advances -278,482 -315,963 -137,116 190,127
Investment in U Microfinance Bank Limited
Investment in Pak Telecom Mobile Limited -7,000,000 -13,000,000 -13,000,000
Return on long term loans and short term inve 1662024 1,416,598 1,227,695
Government grants received 167,287 739,895 2,846,045 6,767,876
Repayment of subordinated loans - Pak Telecom Mobile Limited 1,750,000
Repayment of subordinated loans - U Microfinance Bank Limited 1,000,000
Long term investment in U Microfinance Bank 100,000 -1,000,000
Subordinated long term loan to PTML -1,500,000 1,595,029 -11,500,000
Subordinated long term loan to Ubank
Dividend income - Ubank 195,286
Net cash outflows from investing activities -27,154,663 -20,637,969 -34,643,512 -41,843,897

Cash flows from financing activities

Dividend paid -2,603,247 -2,550,078 -1,194 -503
Interest on long term Loans
Long term loan from banks - net of transaction costs 22,448,367
Lease liabilities -431,082 -729,218 -639,190 -493,175
Net cash outflows from financing activities -3,034,329 -3,279,296 -640,384 21,954,689
Net decrease/increase in cash and cash equival -5,416,551 7,802,171 -9,420,447 3,036,219
Cash and cash equivalents at the beginning of 9,590,981 4,174,430 11,976,601 2,556,154
Cash and cash equivalents at the end of the 4,174,430 11,976,601 2,556,154 5,592,373
 2023

28,914,461
-959,087

-1,986,808
-1,181,886
268,188
-2,597,890
22,456,978

-30,686,658

5,995,755

-8,000,000
-4,232,159
-6,585,831
-1,600,000
-25,500,000
4,753,678
1,457,834
2,000,000

443,743
-61,953,638

-558
-8,064,259
28,401,325
-617,604
19,718,904
-19,777,756
5,592,373
-14,185,383
 VERTICAL ANALYSIS
2019 2020
Cash flows from operating activities
Cash generated from operations 746% 317%
Payment to Pakistan Telecommunication Employees Trust (PTET) -84% -29%
Payment to PTCL Employees Gratuity Fund
Employees retirement benefits paid -29% -10%
Interest paid on short term running finance
Advances from customers 10% 1%
Income tax paid -50% -13%
Net cash inflows from operating activities 593% 265%

Cash flows from investing activities

Capital expenditure -594% -111%
Acquisition of intangible assets -5% -4%
Proceeds from disposal of property, plant and equipment 21% 12%
Disposal of short term investments
Long term loans to subsidiries
Addition to contract cost -73% -29%
Long term loans and advances -7% -3%
Investment in U Microfinance Bank Limited
Investment in Pak Telecom Mobile Limited -58%
Return on long term loans and short term investment 40%
Government grants received 4% 6%
Repayment of subordinated loans - Pak Telecom Mobile Limited
Repayment of subordinated loans - U Microfinance Bank Limited
Long term investment in U Microfinance Bank Limited (Ubank) 1%
Subordinated long term loan to PTML -36% 13%
Subordinated long term loan to Ubank
Dividend income - Ubank
Net cash outflows from investing activities -650% -172%

Cash flows from financing activities

Dividend paid -62% -21%
Interest on long term Loans
Long term loan from banks - net of transaction costs
Lease liabilities -10% -6%
Net cash outflows from financing activities -73% -27%
Net decrease/increase in cash and cash equivalents -130% 65%
Cash and cash equivalents at the beginning of the year 230% 35%
Cash and cash equivalents at the end of the year 100% 100%
AL ANALYSIS
2021 2022 2023

1180% 490% -204%

-32% -15% 7%
-6%
-74% -33% 14%
8%
11% 7% -2%
-74% -34% 18%
1012% 410% -158%

-866% -463% 216%

-36% 46%
39% -42%

56%
-144% -71% 30%
-5% 3% 46%
11%
-509% -232% 180%
55% 22% -34%
111% 121% -10%
31% -14%
18%
-18%
-206%

3% -3%
-1355% -748% 437%

0% 0% 0%
57%
401% -200%
-25% -9% 4%
-25% 393% -139%
-369% 54% 139%
469% 46% -39%
100% 100% 100%
 HORIZONTAL ANALYSIS
2019 2020
Cash flows from operating activities
Cash generated from operations 22%
Payment to Pakistan Telecommunication Employees Trust (PTET)
Payment to PTCL Employees Gratuity Fund
Employees retirement benefits paid 1%
Interest paid on short term running finance
Advances from customers -69%
Income tax paid -23%
Net cash inflows from operating activities 28%

Cash flows from investing activities

Capital expenditure -47%
Acquisition of intangible assets 119%
Proceeds from disposal of property, plant and equipment 60%
Disposal of short term investments
Long term loans to subsidiries
Addition to contract cost 12%
Long term loans and advances 13%
Investment in U Microfinance Bank Limited
Investment in Pak Telecom Mobile Limited
Return on long term loans and short term investment -100%
Government grants received 342%
Repayment of subordinated loans - Pak Telecom Mobile Limited
Repayment of subordinated loans - U Microfinance Bank Limited
Long term investment in U Microfinance Bank Limited (Ubank)
Subordinated long term loan to PTML -206%
Subordinated long term loan to Ubank
Dividend income - Ubank
Net cash outflows from investing activities -24%

Cash flows from financing activities

Dividend paid -2%
Interest on long term Loans
Long term loan from banks - net of transaction costs
Lease liabilities 69%
Net cash outflows from financing activities 8%
Net decrease/increase in cash and cash equivalents -244%
Cash and cash equivalents at the beginning of the year -56%
Cash and cash equivalents at the end of the year 187%
ONTAL ANALYSIS
2021 2022 2023

-3% -12% -7%

-77% -76% -73%

54% 49% 62%

-32% -5% -35%

-9% -7% 25%
4% -7% -9%

-11% 4% 24%
311% -1258% -100%
11% -100% 577%

20% 30% 38%

-51% -168% 2265%

-15% -26% 186%

1601% 3946% 771%

-100% 667% -100%

28% 54% 128%

-100% -100% -100%

48% 14% 43%

-79% -824% -750%
74% -156% 265%
25% -73% -42%
-39% 34% -440%