Karachi: The Board of Directors of Worldcall Telecom Limited has released its financial review for the first half of 2024, presenting a mixed performance amidst signs of economic recovery and substantial growth within Pakistan’s telecommunications sector.
On June 30, 2024, WorldCall Telecom Limited reported a net loss of Rs. 748 million for the half year, a reduction from the previous year's loss of Rs. 1,161 million, reflecting a positive trajectory in its revenue which rose to Rs. 2,289 million from Rs. 1,325 million in the same period last year. The increase in revenue is aligned with higher direct costs which also escalated from Rs. 1,228 million to Rs. 2,133 million, reflecting an overall increase in operational activities. Other income netted gains increased to Rs. 115 million, reversing from a loss of Rs. 173 million in the prior period, supported by the appreciation of the Pakistani Rupee.
According to information available from the Pakistan Stock Exchange (PSX), the economic environment in which WorldCall operates has seen significant improvement. The real GDP growth reached 2.38 percent in FY 2024, compared to negative growth in the previous year, with key contributions from a robust 6.25 percent growth in the agricultural sector, driven by significant gains in major crops like wheat, rice, and cotton. The industrial and services sectors also posted growths of 1.21 percent each.
The consolidated financial statements of the company, which include the financial results of its subsidiary Route 1 Digital (Private) Limited, show a consistent trend with the standalone results, with depreciation and amortization and finance costs maintaining levels similar to the previous year.
Looking forward, WorldCall is set to leverage the ongoing digital transformation in Pakistan, particularly the expansion of 5G technology and new digital adoption across various sectors. The company plans to further expand its footprint in urban areas such as DHA and Cantonment in Lahore and continue its strategic partnerships to enhance technological capacities.
Additionally, the company is progressing with its NASDAQ-listed venture through GlobalTech Corporation, which has begun trading shares and is poised to support WorldCall's technological enhancements and capital raising initiatives.
The future outlook for WorldCall Telecom remains focused on enhancing technology solutions and expanding market engagements, particularly through its new projects aimed at providing low-cost broadband connectivity in underserved areas of Pakistan, ensuring a broader reach and potential for significant growth in the telecommunications sector.