Lahore: Pakistan Mobile Communications Limited (PMCL) has maintained its rating for its PKR 5 billion Sukuk, as the telecommunications giant continues to lead the market with a 37% share and a subscriber base exceeding 74 million, according to The Pakistan Credit Rating Agency Limited. PMCL's strategic expansions into digital financial services, such as JazzCash and Mobilink Microfinance Bank, underscore its role in advancing financial inclusion in Pakistan.
PMCL is diversifying its operations beyond traditional telecommunications, delving into areas like data analytics, cloud computing, fintech, and mobile entertainment. This shift positions the company as a prominent player in Pakistan's digital economy. According to the Pakistan Telecommunication Authority, the industry saw substantial revenue growth, surpassing PKR 1 trillion, with fiscal contributions to the national treasury rising to PKR 402 billion in 2025. Despite a net loss of PKR 26 billion in the first half of 2025, largely due to tax liabilities from a tower sale, PMCL's revenue increased by 12% to PKR 156,238 million, driven by higher average revenue per user and digital services growth.
In January 2026, PMCL executed a significant PKR 75 billion interest rate swap with United Bank Limited to enhance financial risk management and cash-flow stability. The company’s financial risk profile remains stable, although its capital structure is leveraged, with borrowings primarily in long-term commitments. The company's ability to sustain its market position and financial health will be crucial as it navigates a leveraged capital structure and invests in further expansion.
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