PACRA Maintains Entity Ratings of Multinet Pakistan (Pvt.) Limited

The ratings of Multinet Pakistan (Pvt.) Limited ("Multinet" or the "Company") reflect its robust business profile and solid standing within Pakistan’s telecommunications industry. Multinet is a leading technology Company renowned for delivering innovative, high-impact solutions tailored to the evolving needs of businesses. Driven by a deep commitment to technological excellence and client success, the Company empowers organizations to thrive in today’s digital landscape. Multinet’s comprehensive solutions portfolio includes Metro Fiber and Long Haul Networks, Tower Fiber infrastructure, Data Centers, Cloud Platforms, Information Security services, and Global Communication Assets. Backed by extensive industry experience and a forward-looking approach, Multinet has established a strong reputation for providing reliable, cutting-edge technology solutions to businesses across Pakistan. The Company offers a suite of value-added services such as voice solutions, data center services, audio and video conferencing, as well as application and server hosting. The assigned rating reflects a sound governance framework, a strong control environment, and a highly qualified and experienced management team. Furthermore, the company has proactively enhanced its governance structures, evidenced by the strengthening of its Board. The Company secured a financing facility from HBL, backed by a guarantee from InfraZamin. The facility, initially sanctioned at PKR 2.1bln and subsequently revised to PKR 1.0bln following changes in markup rates, supported the Company’s strategic infrastructure initiatives. The Company continues to benefit from the enhanced network capacity and infrastructure investments undertaken under the facility. The Company’s topline recorded an 8.6% growth, primarily driven by the continued momentum in its domestic business operations. The Enterprise business segment remained the key contributor to revenues, increasing by 9.4% to PKR 3.7bln in 2025 (2024: PKR 3.4bln), supported by increasing demand for integrated ICT solutions, enterprise connectivity, and digital infrastructure services. Similarly, the Carrier Domestic segment registered a growth of 10.8%, reaching PKR 873mln (2024: PKR 788mln), reflecting higher domestic traffic volumes and improved infrastructure utilization. The International business segment remained stable, increasing marginally to PKR 734mln (2024: PKR 717mln), primarily supported by growth in the Long Distance International (LDI) segment, which improved to PKR 96mln (2024: PKR 82mln). The Company’s diversified revenue mix, coupled with sustained growth in core domestic operations, continues to support its overall business profile. Furthermore, Multinet demonstrated improvement in profitability metrics, underpinned by effective cost management initiatives and operational efficiencies. The enhanced profitability profile and stronger cash flow generation have contributed to an improvement in the Company’s financial risk profile, supported by a strengthened equity base and manageable leverage indicators. Working capital requirements continue to be financed through a combination of short-term borrowings and internally generated cash flows.
The ratings remain fundamentally contingent upon management's ability to successfully realize projected operational margins, efficiently optimize the working capital cycle, and sustain robust debt service coverage metrics.

About the Entity
Multinet Pakistan (Private) Limited (the Company) was incorporated in Pakistan on November 04, 1996, as a Private Limited Company. Primary business activity of the Company is to provide telecommunications infrastructure and services. Major shareholding (99%) resides with Mr. Adnan Asdar Ali. The Company provides end-to-end digital connectivity and technology solutions, including high-speed broadband, cloud computing, managed IT, cybersecurity, IoT, and data analytics. Utilizing a robust long-haul and metropolitan optical fiber network, it delivers infrastructure and capacity services to telecom operators, alongside international voice termination and fixed-line telephony.