Lahore August 27 2024: Worldcall Telecom Limited (WTL) reported positive EBITDA of PKR 83.4 million for the second quarter ended June 2024 as revenue grew by 78 percent, according to company filing to the Pakistan Stock Exchange.
Company share price surge 2.4 percent in last one year.
This marks the first time in seven quarters that the company has achieved positive EBITDA.
During the second quarter, the Company closed its financial results reporting PKR 303 million as loss after tax. Positive movement in revenue was witnessed and corresponding hike in direct costs aligned with the earlier. Other net expenses have decreased due to appreciation of Pak Rupee. Depreciation and amortization expense is more or less consistent with the comparative figure. Finance cost witnessing upward movement on account of increase in KIBOR.
WTL FTTH conversion project –WorldCall being largest cable operator intends to penetrate in other digitally urban areas of Lahore i.e. DHA, Cantonment and in South subsequently. Further, as shown in past few years, our Parent Company, Worldcall Services (Pvt.) Ltd., while remaining true to its commitment for execution of WTL’s technological transformation continually, is aggressively pursuing multiple monetization alternatives i.e. exploration of capital markets beyond Pakistan and selected is NASDAQ for its listing. WorldCall Services (PVT.) Limited has achieved a major milestone in NASDAQ listing through a US entity, Globaltech Corporation (GlobalTech). During the period, the trading of GlobalTech Corporation’s shares has been commenced on the Over the Counter under the symbol “GLTK” allocated earlier by the relevant regulator This breakthrough has successfully consolidated actions taken for the purpose of capital raising to fuel the Technology Transformation of WTL with innovative IT Services and Affordable Broadband at the core.
The Company has started client engagement for its technology solutions. The engagement is focused on existing solutions with integration of recently matured technology tracks in AI and Big Data domains. Resources have been aligned for back-office operations out of Pakistan for lower cost of development and product support. The Company plans to mature its client offering over the next three quarters with corresponding escalation in market engagement for sales.
GlobalTech Corporation has planned to establish its cutting edge center of excellence dedicated to Big Data and Artificial Intelligence (AI) in Pakistan. This state-of-the-art software center, which is expected to be completed by first quarter of 2025, is to be located within the premises of the existing office of the Company. The Center of Excellence is equipped to house more than 200 workstations and the data center will provide global connectivity for the Center’s operations, ensuring seamless service delivery across the globe.
The Company has started deployment of 200K connection project for low-cost broadband connectivity in underserved areas. The roll-out areas are already covered by Company fiber optic Metro networks and are spread over twenty (20) cities across Pakistan. The roll-out will complement existing Fiber to the Home project for a more efficient utilization of IP bandwidth and holds good potential for growth in this segment of operations. Company plans to augment and expand its core network to handle additional bandwidth requirement and subscriber loads. Access network from the existing fiber optic deployment is also being expanded.
The Company in coordination with other partners has finalized Go To Market (GTM) plans for its CADNZ product. CADNZ is a 360-degree Customer Relationship Management solution with integrated Customer Contact Center. specifically tailored for the banking and financial sector. It provides system automation interface for financial institutions for their digital lending platform needs. All aspects of non-core banking software would be covered by this application. This product has huge potential in United States (USA) with small and mid-sized banks as primary market. The product is modular and in future can be tailored / customized for other possible markets in Europe, UK and Middle East. Client engagement has started and on successful sales the Company stands to gain revenues from technology assets. The Company continues its investments in software for commercial activation.
