Trans World Enterprise Services (Private) Limited (“the Company” or “TES”) was established as a private limited company in Pakistan on February 28, 2011, under the Companies Ordinance, 1984. The registered office of the Company is situated at Retalia Building, G-6 Markaz, Islamabad.

TES is a wholly-owned subsidiary of TWA (referred to as “the Group”), established in 2011 and commenced its commercial Fiber-to-the-Home (FTTH) services in 2018. As the sole company in Pakistan backed by a Tier-1 international network operator, TES caters to the industry’s business-critical communication needs with unparalleled reliability and support. The TWA was incorporated in Pakistan as a Private Limited Company on October 01, 1980, under the Companies Act, 1913 (now Companies Act, 2017). The registered and head office of the Company is situated at 24, Retalia Building, G-6 Markaz, Islamabad. The TWA is a subsidiary of Orastar Limited with a 90% holding. As of now, three companies operate under the umbrella of TWA, which includes: (i) Trans World Enterprises Services (Pvt) Ltd (TES), (ii) Trans World Infrastructure Services (Pvt) Ltd (TIS), and (iii) TES Media (Pvt) Ltd (TMPL). TWA commenced operations in 2006 and is the only operator in Pakistan that owns its 1,300 KM submarine cable system TW1 and is also a consortium member of the latest 20,000 km fiber optic cable system SEA-ME-WE 5, which is a multiregional data superhighway connecting Pakistan to Asia Pacific, the Middle East, and Europe. TWA has also obtained capacities on other regional cables, both on eastern and western sides, for creating route diversity and resilience. The company has peering in the Middle East, Europe, the US, and Far East with Tier-1 operators to provide the lowest latency connections for Internet and data traffic. Our points of presence in international markets like Germany, France, and Singapore ensure the lowest latency for our customers. Transworld is also part of the SEA-ME-WE 6 consortium, which is a 21,700 km Submarine Cable System between Singapore and France (Marseille), crossing Egypt through terrestrial cables. TWA is perfectly synchronized to the global Internet peering ecosystem via direct connectivity to content providers such as Google, Facebook, Akamai, Netflix, Amazon, and several others, which makes the customer experience a faster internet.

The primary business activity of the Company is to deliver telecommunication services under licenses issued by the Pakistan Telecommunication Authority (PTA) for Data Class Value-Added Services (CVAS) and Fixed Local Loop (LL) operations across various telecom regions, including Karachi, Lahore, and Islamabad. TES is backed by Pakistan’s Tier-1 network operator, TWA, which is the parent company and possesses exclusive & consortium ownership of the submarine fiber optic cable network system, and is the leading connectivity provider for Pakistan and Afghanistan. Numerous companies exist in the FTTH market segment, where strength is primarily derived from the owned and self-aided length of fiber optic cable networks. 

TWA owns a 99.99% stake in TES highlighting its status as a key subsidiary. This majority shareholding underscores the strategic importance of TES within the Transworld Group, ensuring aligned objectives and seamless integration of services to deliver comprehensive telecommunication solutions across Pakistan. 

The majority shareholding of TWA is with Orastar Limited, which is an institutional investor focusing on Private Equity placements mostly in the unlisted tech, IT, and Power Generation space. Orastar increased its ownership position in TWA to 90% in January 2022, showing its trust in Pakistan's telecom and IT sectors. 

The Sponsors possess a strong investment profile with exposure to both local and international jurisdiction. Their vast and diversified business experience reflects deep strategic insight, prudent financial management, and the ability to navigate complex market environments. Mr. Saad Muzaffar Waraich serves as the President and Executive Director of the Company, while Mr. Aasif Inam holds the position of Deputy CEO/Chief Operating Officer. Both are seasoned telecom professionals with extensive experience spanning telecom, ICT, software, and services. Their leadership and expertise bring invaluable insights and strategic direction to the Company, driving its success in a competitive industry.

TWA provides robust support to TES, holding a 99.99% ownership stake. Renowned for its reliable backhaul connectivity services, TWA has established itself as a trusted partner to Pakistan’s leading telecom operators including CMO’s, Wholesalers and ISP’s. Demonstrating its financial strength, TWA reported impressive revenues of PKR 13.3 billion as of December 2024, solidifying its position as a key player in the telecommunications industry. 

The TES Board comprises four highly qualified directors, each with extensive experience in the telecommunications sector. Their collective expertise and strategic insights provide strong leadership, fostering innovation and effective decision-making. With their diverse skill sets and deep industry knowledge, the board plays a pivotal role in steering the company toward sustained success and growth in the competitive telecom landscape. 

Mr. Junaid joined as CEO Trans World Associates (TWA) and Director Trans World Enterprise Services (TES) in November 2022. After graduating he had the good fortune to work for various leading companies in the USA (National Semiconductor, Xerox, Rockwell Telecommunications) before returning to Pakistan as head of Engineering at Mobilink/Motorola in 1994. Three years later he was asked by the Board to take over as CEO of Mobilink. Since then, he has held C-level roles in PTCL, Zain and Airblue. He was offered the position of CEO of Trans World after the resignation of Mr. Kamran Malik. Mr. Junaid brings valuable and extensive telecom experience specific to the Pakistan market and internationally. He served as CEO of PTCL and Mobilink and from that perspective has a good understanding of TWA and its activities. Mr. Saad spearheads Transworld’s long-term strategic growth, development, expansion, and well-being of its human capital. He is a seasoned telecom professional having expertise in technology, organizational transformation, sales, services, and operations. He has a wide range of leadership experience working with both national and international firms in (ICT) information and communications technology. Prior to joining Transworld, Saad held prominent positions at Nokia, Comptel, IBM, Nokia Siemens Networks, NCR, Ufone and PTCL. His passion and commitment has always been towards the customers & service quality. In his own words, ‘Take care of your customers, if they are happy the company will grow.’ It is this vision, paired with his competence, compassion and dedication that is driving the company towards a greater tomorrow. Mr. Malik joined Transworld in December 2010. He is currently working as EVP Finance. He is a Chartered Accountant with hands on experience of financial management, banking, financial advisory, auditing, accounting and corporate affairs. He has experience in business development, resource planning, monitoring and financial planning and structuring of projects in power generation, manufacturing, healthcare, telecommunication, real estate and environmental projects with emphasis on CDM (Clean Development Mechanism) consideration. Before joining us, Mr. Malik has served at Anjum Asim Shahid Rehman (Grand Thoroton), Bank Alfalah Ltd., Saif Telecom Ltd., Utopia Developers (Pvt.) Ltd., Saif Power and most recently at Saif Holding Ltd. Mr. Amiruddin joined Transworld in August 2007. He is currently working as EVP Engineering. He has been an active member of the Internet and Data Communication Community since 1995. He was a member of the founding team at Cybernet. He also worked as a senior consultant to the high-tech industry helping high profile customers in designing their Data Networks. Mr. Amiruddin maintains a technical head role for network engineering, operations and advisory role for new technology and strategic initiatives at the company; where he served on the IP, MPLS, ATM, FR and TDM Engineering teams. Mr. Amiruddin holds a Masters of Science degree in Computer Science from Pakistan.

The TES Board operates without formal committees, ensuring streamlined decision-making processes. Each board member is a seasoned professional with diverse experience across various market segments, including IT and telecommunications. Their broad expertise and industry insights enable the board to effectively oversee and guide the Company's strategic direction, ensuring alignment with industry best practices and market demands.

The Company’s auditors, A.F. Ferguson & Co., are recognized as an ‘A’ category firm on the State Bank of Pakistan's approved list of auditors. They issued an unqualified audit opinion on the Company’s annual financial statements for the fiscal year CY24, reflecting the highest standards of financial reporting and compliance.

TES operates with a lean organizational structure led by an experienced and dedicated management team. A significant portion of the senior management has been with the company for an extended period, contributing to its stability and continuity. The organizational framework is structured into five key functional departments: (i) Finance, (ii) Engineering, (iii) Commercial, (iv) HR & Administration, and (v) IT. This streamlined structure ensures efficiency, clear accountability, and effective collaboration across all business functions.

Mr. Junaid Iqbal Khan, the CEO/Director, brings valuable and extensive telecom experience specific to the Pakistan market and internationally. He served as CEO of PTCL and Mobilink and from that perspective has a good understanding of TWA and its activities. Mr. Saad Muzzaffar Waraich has assumed the role of President/Director and he spearheads Transworld’s long-term strategic growth, development, expansion, and well-being of its human capital. He is a seasoned telecom professional having expertise in technology, organizational transformation, sales, services, and operations. Mr. Aasif Inam has assumed the role of Deputy CEO/ the Chief Operating Officer (COO) of the Company. They are distinguished professionals with extensive expertise and diverse experience spanning various market segments within the IT and telecommunications industries. Their visionary leadership and strategic acumen are instrumental in driving the Company’s growth and innovation. Mr. Malik joined Transworld in December 2010. He is currently working as EVP Finance/Director. He is a Chartered Accountant with hands on experience of financial management, banking, financial advisory, auditing, accounting and corporate affairs. He has experience in business development, resource planning, monitoring and financial planning and structuring of projects in power generation, manufacturing, healthcare, telecommunication, real estate and environmental projects with emphasis on CDM (Clean Development Mechanism) consideration. Before joining us, Mr. Malik has served at Anjum Asim Shahid Rehman (Grand Thoroton), Bank Alfalah Ltd., Saif Telecom Ltd., Utopia Developers (Pvt.) Ltd., Saif Power and most recently at Saif Holding Ltd.

As wholly owned subsidiary of TWA, the Company operates under various formal Management Committees operating at Group level oversee operations of all Group Entities.

TES boasts an advanced in-house real-time information and dashboard system, ensuring efficient performance monitoring and decision-making. The company is seamlessly integrated into the global internet peering ecosystem through direct connectivity with leading content providers, including Google, Facebook, Akamai, Netflix, Amazon, and others. Its IT infrastructure is organized into six key categories: Infrastructure & Network, IT Operations & Support, IT Governance & Business Insights, Application Development, SAP-ERP, and Compliance & Audits. This comprehensive and well-structured IT framework underpins TES’s ability to deliver reliable and cutting-edge telecommunication services.

The Company implements stringent controls, including internal and third-party audits, to evaluate the effectiveness of its Power BI dashboard and ensure optimal performance. TES has established a robust Cyber Security Framework to mitigate organizational cyber risks and safeguard its digital infrastructure. Additionally, the Internal Audit Department plays a pivotal role in ensuring effective risk management, governance, and internal controls. By identifying areas for improvement and ensuring compliance with established policies, the department contributes significantly to the company’s operational resilience and integrity.

During CY24, the overall revenues for Pakistan’s telecommunications sector saw a significant year-over-year increase of approximately 17%, reaching PKR ~955.2 billion (CY23: PKR ~850 billion). The internet service provider landscape in Pakistan is primarily categorized into three tiers: Tier-I, Tier-II, and Tier-III providers. In the Tier-I category, only two companies, Pakistan Telecommunication Company Limited (PTCL) and Trans World Associates (Pvt) Ltd. (TWA), own submarine cables, giving them a dominant role in the country's internet backbone. Tier-II providers, such as Storm Fiber, Multinet, Nayatel, OPTIX, and Wateen, rely on PTCL and TWA for their internet supply, as they lack their own submarine cable infrastructure. Tier-III providers, primarily local cable operators, serve smaller, localized markets. In a major development to accelerate digitalization and enhance connectivity, the Chinese firm Sunwalk (Pvt) Limited has initiated the deployment of a 16,000-km-long optical fiber cable across the country, marking a significant step toward improving Pakistan’s digital infrastructure and networking capabilities. Jazz maintained its position at the top in terms of tele-density (~45%), however, Zong (22%) surpassed Telenor (20%) and Ufone (~12%). SCO, operating only in Gilgit-Baltistan, represented ~1% of the market share during the period.

The FTTH segment in Pakistan is highly competitive, with numerous players operating in the market. TES has established a strong presence in all three major cities Lahore, Karachi, and Islamabad and is steadily increasing its market share. This growth reflects the company's commitment to delivering high-quality services and meeting the evolving needs of its customers in a dynamic industry.

During CY24, the Company generated revenue of PKR 4,428mln (CY23: PKR 3,639mln), registering a growth of ~21.7%. The surge in sales is mainly on account of increase in prices and more coverage and geographical expansion. Companies’ sales are mainly dominated by Internet sales (~95%) and the remaining share is of IPTV sales & Voice. Internet is their base product and IP TV & Voice mail are their complementary products. Their sales quantum is geographically concentrated in Lahore, followed by Karachi and Islamabad. Over the last three years, a portfolio of residential area sales is increasing which depicts TES penetration in urban areas gradually.

The segment in which TES operates is a comparatively high gross margin-based service industry. TES has 30.1% GP margin during CY24 (CY23: 39%). The Company has negative NP margins, as Company is in the expansionary phase of the business cycle. During CY24, the Company’s loss after tax decreased compared to last years’ (CY23: PKR 80mln) and stood at PKR 7mln, mainly due to the impact of unrealized exchange gain and lower interest rates.

The Company has developed comprehensive financial projections, detailed budgeting plans, and forecasted procurement requirements to establish its annual and long-term targets. As a consortium partner and lead arranger in the SEA-ME-WE 6 project through its parent company, TES is well-positioned to enhance its growth trajectory significantly. This strategic advantage provides TES with the flexibility to expand in alignment with its growth aspirations. Notably, the Company’s topline performance is consistent with its previously shared financial projections.

TES has aptly managed its working capital requirements as the Company is in its initial growth phase. Their main raw material component is optical fiber and they keep a maximum of 13 days of inventory on average. In future, as Company expands, they need to enhance its inventory levels to meet its upcoming demand.

The Company generates a free cash ow FCFO of ~PKR 795mln during CY24 (CY23: ~PKR 846mln, CY22: ~PKR 673mln). EBITDA/Finance cost of the Company improved to 3.6x during CY24 as compared to 2.7x in CY23.

The Company’s capital structure is leveraged, 37.8% debt-to-capital ratio in CY24 (CY23: ~46.6%, CY22: 68%). The Company has long-term borrowing of PKR 883mln during CY24 and current maturity of long-term debt of PKR 277mln. Currently, the Company has no short-term borrowing.