Month: July 2026

Islamabad: Pakistan Telecommunication Company Limited (PTCL), the country’s leading telecom and ICT services provider, reported a 226% year-on-year (YoY) increase in consolidated operating profit.

In contrast, net profit reached Rs4. 7 billion, reflecting the benefits of the successful amalgamation of Ufone and Telenor Pakistan, coupled with continued operational efficiencies and revenue growth.

The announcement was made following a meeting of the company’s Board of Directors in Islamabad, which approved the financial results for the half-year ended June 30, 2026.

PTCL maintained strong growth momentum during the first half of 2026, supported by continued expansion across its fixed-line, enterprise, and mobile businesses, as well as the successful amalgamation of Ufone and Telenor Pakistan under Pak Telecom Mobile Limited (PTML).

Consolidated revenue grew by 62% YoY, primarily driven by sustained growth in the fixed broadband, enterprise, and wholesale segments, along with strong performance in the mobile business following the successful amalgamation of Ufone and Telenor Pakistan under PTML.

Consolidated operating profit increased by 226% YoY, while net profit reached Rs4. 7 billion, reflecting the benefits of the successful amalgamation, together with continued operational efficiencies and revenue growth.

PTCL’s standalone revenue increased by 8% YoY, driven by a 27% rise in Flash Fiber revenue and 13% growth in Business Solutions, supported by a 16% increase in Carrier and Wholesale services. International business revenue also grew by 3% YoY.

PTCL posted an operating profit of Rs8. 5 billion and reported a net profit of Rs3. 6 billion, representing a 211% YoY improvement. The bottom line was supported by a Rs2 billion dividend received from the wireless segment.

The mobile business (PTML) recorded a 138% YoY increase in revenue, driven by the consolidation of Telenor Pakistan following the amalgamation, along with continued growth across the corporate and retail segments.

PTML reported an operating profit of Rs23. 1 billion, representing a 203% YoY increase, reflecting the positive impact of the Telenor Pakistan amalgamation, together with higher revenues and improved operating performance.

Ubank generated revenue of Rs12. 3 billion and reported an operating profit during the period, compared with an operating loss in the corresponding period last year, reflecting improved operating performance. The bank’s bottom line also improved by 85% compared with the prior period, indicating continued recovery in its financial performance.

During the second quarter of 2026, PTCL completed the amalgamation of Ufone and Telenor Pakistan under PTML, marking the completion of one of Pakistan’s largest telecom consolidations. The unified mobile business combines complementary spectrum assets, nationwide network infrastructure, and a significantly expanded customer base to deliver enhanced connectivity, improved customer experience, and greater operational efficiencies.

PTCL also surpassed the milestone of 900, 000 Flash Fiber subscribers during the second quarter of 2026, reinforcing its position as Pakistan’s largest fibre broadband provider. The milestone reflects growing customer demand for high-speed, reliable fibre connectivity and PTCL’s continued expansion of its fibre footprint across the country.

The company expanded its customer offerings through strategic partnerships. PTCL partnered with Apple’s authorised distributor, Mercantile, to introduce an exclusive bundled offer featuring a MacBook Neo with a 100 Mbps Flash Fiber connection and discounts on Apple accessories. It also partnered with Okasha to offer smart home solutions, including smart locks, smart lighting, and other connected devices, enabling customers to adopt more secure and connected digital lifestyles.

The Business Solutions segment maintained strong momentum, supported by growing demand for cloud services, AI infrastructure, cybersecurity, managed services, and data centre solutions, further strengthening PTCL’s position as a trusted ICT partner for enterprise and government customers.

Revenue growth was supported by stronger customer engagement, increased adoption of higher-value bundles, and a continued focus on customer value, while subscriber growth benefited from higher customer acquisitions.

A key integration milestone during the quarter was the completion of on-net harmonisation across Ufone and Telenor Pakistan, enabling more than 74 million subscribers to communicate seamlessly across both networks as one connected community. The milestone was supported by the first joint Ufone and Telenor Pakistan brand campaign, highlighting the scale and strength of the combined mobile business.

Following its acquisition of a significant share of spectrum in Pakistan’s 5G auction in the first quarter of 2026, PTML initiated its 5G rollout during the second quarter while progressing network consolidation. The additional spectrum and ongoing integration are expected to strengthen network capacity, coverage, and the company’s ability to deliver next-generation connectivity.

Digitisation remained a strategic priority during the first half of 2026, supported by continued investment in digital platforms, partnerships, self-service capabilities, and customer-centric engagement. Digital recharge penetration reached 59%, while monthly active users of the My Telenor and UPTCL apps increased by 10% and 17%, respectively.

During the half-year, PTCL continued to advance its social impact agenda across healthcare, inclusion, digital safety, and access to basic needs.

Under its Mother’s Day campaign, PTCL and Ufone launched a large-scale postpartum depression awareness initiative in partnership with Oladoc, providing access to free therapy sessions through the UPTCL app. The campaign reached 26 million people and recorded 48, 000 registrations and 32, 000 therapy sessions.

Under the Ba-Ikhtiar programme, training was initiated across 22 districts, onboarding around 2, 100 women for digital and entrepreneurial skills development. In collaboration with UNICEF, SMS broadcasts supported polio awareness, while PTCL’s Water Project continued across South Punjab and Thar, providing sustainable access to clean drinking water for approximately 150, 000 people.

PTML, in collaboration with the Telecom Foundation, also conducted a Safe Internet Awareness session at the Telecom Foundation School in Peshawar, engaging students and faculty on cyber safety, online privacy, responsible social media use, and digital wellbeing.

Islamabad: Prime Minister Shehbaz Sharif on Tuesday said that modernizing Pakistan’s oil refineries was essential to national energy security, as the upgraded facilities would reduce reliance on imports and deliver cleaner, eco-friendly fuel.

The prime minister said this while chairing a meeting of the Cabinet Committee on Energy, which approved the proposed amendments in the Pakistan Oil Refining Policy, 2023.

During the briefing, it was informed that upgrading existing refineries was essential to boost their production capacity. The production of Euro-4 and Euro-5 standard fuels is necessary to fulfill Pakistan’s international environmental commitments, reduce air pollution, and provide better quality fuel to the public.

The prime minister directed the introduction of reforms to improve the performance of the Oil and Gas Regulatory Authority (OGRA) and meet market requirements to promote competition, transparency, and investment in the energy sector.

He stressed that after the enforcement of the new policy, its effective and timely implementation must be ensured, asserting that any negligence or delay in this regard will not be tolerated. He directed the relevant ministries and institutions to maintain close contact with all stakeholders to accelerate the reform process.

Prime Minister Shehbaz reaffirmed that the government would continue taking all possible steps for sustainable reforms in the energy sector, the promotion of modern technology, and the provision of a conducive environment for investment.

He directed the holding of roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023 with respect to brownfield refineries.

He also praised the performance of the Petroleum Minister and his team regarding the amendments to the refining policy for brownfield refineries, besides directing an increase in the country’s strategic reserves of petroleum products.

During the briefing, the committee was updated on the upgrading of oil refineries, energy sector reforms, and the progress of policy implementation.

It was told that the amendments made to the Pakistan Oil Refining Policy 2023 for brownfield refineries aimed to ensure the production of eco-friendly Euro-5 compliant petrol and diesel, while reducing furnace oil and low-quality petroleum products.

The meeting was attended by federal ministers Ahad Khan Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, Ahsan Iqbal, along with relevant federal secretaries and senior government officials.

Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Tuesday chaired the second meeting of the Committee on Genetically Modified (GM) Corn to review progress on the Committee’s mandate and deliberate on the way forward for adoption of GM corn technology in Pakistan.

Opening the meeting, the Finance Minister called for focused and constructive deliberations, emphasizing that the Committee should build consensus through scientific evidence, technical expertise, and international best practices while addressing the concerns of all stakeholders.

The Committee reviewed the follow-up actions from its previous meeting, including the circulation of policy documents and written submissions received from stakeholders.

Members exchanged views on the opportunities presented by GM corn technology to enhance agricultural productivity, strengthen food security, reduce import dependence, and improve competitiveness, while also discussing the need to safeguard Pakistan’s maize milling industry, export markets, and existing agricultural value chains.

The meeting also considered stakeholders’ recommendations regarding coexistence of GM and non-GM maize, regulatory oversight, biosafety protocols, traceability, storage infrastructure, and supply chain management. Participants highlighted the importance of developing a structured transition framework supported by effective regulatory supervision and international best practices to facilitate the adoption of new technology while preserving export competitiveness.

The Finance Minister acknowledged the concerns raised by various stakeholders and emphasized that technological advancement and protection of existing industries must progress together through practical and evidence-based solutions.

He observed that the coexistence of GM and non-GM maize is a practical possibility and underscored the need for a robust regulatory framework, and appropriate supply chain arrangements to support a well-managed transition while protecting Pakistan’s agricultural and export interests.

To facilitate detailed technical deliberations, the Committee agreed to constitute a working group comprising representatives from relevant government organizations, industry, exporters, and technology providers.

The working group will develop consensus-based recommendations on the regulatory framework, transition strategy, biosafety measures, and supply chain requirements for consideration by the Committee.

The Finance Minister emphasized that the working group should engage closely with all stakeholders and develop consensus-based recommendations on a priority basis, reaffirming the Government’s commitment to promoting innovation and modern agricultural technologies while safeguarding Pakistan’s agricultural sector and export interests.

The meeting was attended by representatives from public as well as private sector including Coordinator to Prime Minister on Agriculture and Food Security, Federal Secretary for National Food Security and Research, CEO Pakistan Green Initiative, relevant business and export sectors as well as technical and scientific experts with domain knowledge.

Islamabad: Federal Tax Ombudsman (FTO) has detected what it termed an organised scam involving the import and clearance of an iPhone 16 and directed the Federal Board of Revenue (FBR) to investigate the alleged role of FedEx, Customs officials and private individuals to determine whether similar frauds have occurred across the country.

In an order issued by Federal Tax Ombudsman Zafar Hijazi, the FTO observed that the case pointed to a coordinated scheme through which a lawful consignee was deprived of his duty-paid mobile phone for more than one and a half years despite paying all applicable taxes.

The complaint was filed by Muhammad Nausherwan Khan, who stated that his sister in Canada sent him an iPhone 16 Plus through FedEx in December 2024. After the handset arrived in Karachi, he paid PTA tax of Rs138, 526 but alleged that the phone was never delivered to him. He later discovered that a forged authority letter had allegedly been used to release the device to another person.

During the proceedings, Customs maintained that the mobile phone had been released after verifying the original detention receipt, invoice and other documents presented by a clearing agent. However, the Ombudsman questioned why the complainant, whose name appeared as the consignee on the import documents, was denied possession despite personally approaching Customs authorities.

FTO found that while the consignee’s name remained unchanged in the tracking records and import documents, the address and contact details had allegedly been substituted with those of another individual in the airway bill and invoice. Ombudsman observed that such manipulation was indicative of an organised scam and stated that the modus operandi could not be ignored.

Although the complainant subsequently informed the Ombudsman that his grievance had been resolved, the FTO decided to continue pursuing the broader issue, saying the suspected scam required a thorough investigation to protect the public interest.

Ombudsman recommended that FBR direct the Chief Collector of Customs (Airports) to initiate a targeted inquiry into FedEx, obtain courier import data for January 2025 to June 2026 to identify similar cases, investigate the alleged use of forged authority letters, examine the role of Customs officials who may have facilitated the scam, and initiate legal and disciplinary proceedings wherever warranted.

FTO also recommended introducing a uniform Standard Operating Procedure (SOP) for courier clearances at all international airports, conducting regular training of Customs personnel and submitting a compliance report within 45 days.

Islamabad: A constitutional petition has been filed in the Islamabad High Court (IHC) challenging the Municipal Corporation Islamabad’s (MCI) auction of rights for the collection of municipal taxes and fees, alleging that the civic body lacks the legal authority to outsource such collections through auction.

The petition, filed by Advocate Faisal Mahmood under Article 199 of the Constitution, names the Federation, the Chief Commissioner Islamabad, the Deputy Commissioner Islamabad and the Metropolitan Corporation Islamabad as respondents. It challenges the MCI’s auction advertisement issued on July 10, 2026.

The petitioner contended that the MCI has no lawful authority to auction the collection of board tax, professional licence fees and other municipal taxes without complying with the mandatory requirements of Section 88 of the Islamabad Capital Territory Local Government Act, 2015.

The petition further argued that the impugned advertisement is in clear violation of a January 16, 2023 judgment of an Islamabad High Court division bench, maintaining that no tax or fee can be collected from the public except in accordance with the law.

The petitioner requested the court to declare the July 10, 2026 auction advertisement, along with all proceedings conducted pursuant to it, null and void. It also sought an interim order restraining the MCI from proceeding with the auction process until the final disposal of the petition.

Islamabad: As many as four Commodores including Tasawar Iqbal, Muhammad Umair, Shahid Wasif, and Rao Ahmed Imran Anwar of Pakistan Navy have been promoted to the rank of Rear Admiral. Rear Admiral Tasawar Iqbal was commissioned in Operations Branch of Pakistan Navy in 1995, said a news release issued by Directorate General Public Relations (Pak Navy).

The Flag Officer is a graduate of Pakistan Navy War College, Lahore and National Defence University, Islamabad. He has also completed Inter Services Staff Course from France.

The Admiral has an illustrious career covering vast experience of various Command and Staff appointments including Commanding Officer PNS ALAMGIR, Commander 25th Destroyer Squadron, Commandant Pakistan Naval Academy and Senior Pakistan Navy Officer at Riyadh, KSA. Rear Admiral Tasawar Iqbal is currently serving as Commander West.

In recognition of his meritorious service, the Admiral has been awarded Sitara-i-Imtiaz (Military). Rear Admiral Muhammad Umair was commissioned in Operations Branch of Pakistan Navy in 1996. The Flag Officer is a graduate of Pakistan Navy War College, Lahore and National Defence University, Islamabad.

He has also done Communication Command Course from China and Naval Staff College Course from USA. The Admiral has an illustrious career covering vast experience of various Command and Staff appointments including Commanding Officer PNS QUWWAT, PNS TARIQ, PNS TABUK and Commander 14th Destroyer Squadron.

The Admiral also served as Deputy Director Naval Operational Plans (Strategy) at Naval Headquarters Islamabad. Rear Admiral Muhammad Umair is currently serving as Commandant Pakistan Naval Academy, Karachi. In recognition of his meritorious service, the Admiral has been awarded Sitara-i-Imtiaz (Military).

Rear Admiral Shahid Wasif was commissioned in Operations Branch of Pakistan Navy in 1996. The Flag Officer is a graduate of Pakistan Navy War College, Lahore and National Defence University, Islamabad. He has also completed Advance Command and Staff Course from UK with Masters Degree in Defence Studies from King’s College London, Defence and Strategic Studies Course from Australia and Masters in International Relations from Deakin University Australia.

The Admiral has an illustrious career covering vast experience of various Command and Staff appointments including Commanding Officer PNS SAIF, Deputy Director Naval Operational Plans (Strategy), Assistant Naval Secretary (Operations), Director Human Resources and Principal Secretary to Chief of the Naval Staff at Naval Headquarters Islamabad.

Rear Admiral Shahid Wasif is currently serving as Commander 25th Destroyer Squadron, Karachi. In recognition of his meritorious service, the Admiral has been awarded Sitara-i-Imtiaz (Military).

Rear Admiral Rao Ahmed Imran Anwar was commissioned in Operations Branch of Pakistan Navy in 1996. The Flag Officer is a graduate of Pakistan Navy War College, Lahore and National Defence University, Islamabad. He has also completed Advance Command and Staff Course from UK with Masters Degree in Defence Studies from King’s College London.

The Admiral has an illustrious career covering vast experience of various Command and Staff appointments including Commanding Officer PNS ZARRAR, PNS SHAMSHEER, PNS ZULFIQUAR and Commander 10th Patrol Craft Squadron. The officer has also served as Assistant Chief of Naval Staff (Operations) at Naval Headquarters Islamabad, Naval Advisor (Pakistan) at New Delhi (India), and Deputy Commandant at Pakistan Navy War College, Lahore.

Rear Admiral Rao Ahmed Imran Anwar is currently serving as Naval Secretary at Naval Headquarters Islamabad. In recognition of his meritorious service, he has been awarded Sitara-i-Imtiaz (Military) and Tamgha-e Basalat.