PTCL Group's Shariah-Compliant Revenue Rockets 249% to Rs193 Billion, Reaches 96% of Total

ISLAMABAD: Pakistan Telecommunication Company Limited has disclosed a dramatic shift in its reported revenue classification, with nearly 96% of PTCL Group's consolidated revenue now appearing under the Shariah-compliant column. Shariah-compliant revenue across the group climbed to Rs192.98 billion in the first half of 2026, against Rs55.35 billion in the same period last year, an increase of roughly 249 percent.

Total consolidated group revenue surged 62% to Rs201.67 billion from Rs124.6 billion year-on-year. That growth masks two opposite movements. Shariah-compliant revenue jumped by Rs137.64 billion. Conventional revenue did not simply grow slower, it collapsed, falling to Rs8.68 billion from Rs69.25 billion, an 87% decline. Together, those opposing movements left the group with a net Rs77.07 billion increase in consolidated revenue, while its reported revenue composition flipped dramatically within a single year.

PTCL Shariah-Compliant Revenue Surges

At the standalone parent level, however, the picture diverges entirely. PTCL's own unconsolidated accounts record zero Shariah-compliant revenue, with the company's full Rs63.75 billion in half-year revenue booked as conventional up from Rs58.91 billion a year earlier. The contrast shows that the dramatic Shariah-compliant revenue classification emerges at group level rather than from standalone PTCL. The consolidated accounts also carry banking-specific items, including Rs68.27 billion in loans to banking customers and Rs141.56 billion in customer deposits, highlighting the significance of financial-services operations within the group.

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Several other metrics reinforce the extent of the swing. Consolidated short-term financing under Shariah-compliant structures rose to Rs63.59 billion, up from Rs42.98 billion at the close of 2025. Lease liabilities tell their own story. At the consolidated level, all Rs70.66 billion of them fall under the Shariah-compliant column up from Rs68.20 billion in December 2025. Nothing sits on the conventional side at all. Finance costs moved higher too, though not uniformly. Conventional finance costs climbed to Rs15.61 billion from Rs11.96 billion a year earlier. Shariah-compliant finance costs went the other way, easing to Rs6.82 billion from Rs7.13 billion. Add both together and total consolidated finance costs rose to Rs22.43 billion from Rs19.09 billion.

Shariah-Compliant Financing Climbs

At the consolidated level, the group names eleven institutions, among them Meezan Bank, Faysal Bank, Dubai Islamic Bank Pakistan, Bank AL Habib Islamic, and Bank Makramah, alongside EFU General Insurance for takaful coverage, UBL Ameen Islamic Banking for takaful and ijarah, and JS Investments Limited for mutual fund placement. PTCL's standalone filing, by contrast, names seven Islamic banking relationships, confined largely to borrowing and collection accounts.

In its cover letter, PTCL stated that the disclosure ensures "complete compliance" with PSX Regulations and the Companies Act, 2017, and committed to maintaining the same reporting standard "in all future financial reporting." The company also instructed the exchange to circulate the disclosure to all TREC holders.