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.

Trans World Associates (Private) Limited (Transworld) is a joint venture of Orastar Limited and the OMZEST Group of Oman. As Pakistan’s only private-sector owner of a submarine fiber optic network, Transworld is a Tier-1 operator providing high-capacity internet to major mobile operators, ISPs, and enterprises. Since 2006, it has operated its own 1,300 km submarine cable (TW1), and is a key member of global cable systems SEA-ME-WE 5 and SEA-ME-WE 6, ensuring low-latency connectivity across Asia, the Middle East, and Europe. Transworld also maintains direct peering with major content providers for superior user experience.TES is a wholly-owned subsidiary of Transworld, 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 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, Trans World Associates Limited (“TWA”), which is the parent company and possesses exclusive and 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.

Transworld  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 discrenationary beneficial ownership of TES lies with the Saifullah Brothers of Saif Group (the Group), a renowned national conglomerate. As one of the pioneers in introducing GSM technology to Pakistan, the  Group has played a pivotal role in advancing the country's telecommunications landscape. Beyond telecommunications, the  Group has made substantial investments across diverse sectors, including power, healthcare, textiles, real estate, and oil and gas, reflecting its broad impact on Pakistan’s economic development.

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, Wholeseller 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 Iqbal Khan joined as CEO of Trans World Associates (TWA) and the Director of Trans World Enterprise Services (TES) in November 2022, following a distinguished telecom career. He previously served as CEO of Mobilink and PTCL, with leadership roles at Zain and Airblue. His extensive experience spans both international firms and Pakistan’s telecom sector. Mr. Saad Muzzaffar Waraich leads Transworld’s strategic growth and human capital development, drawing on deep expertise in telecom and ICT. He has held leadership roles at major companies/firms including Nokia, IBM, and PTCL. Known for his customer-first approach, his vision and dedication continue to drive the company forward. Mr. Naveed Ahmed Malik, EVP Finance at Transworld since December 2010, is a Chartered Accountant with broad expertise in financial management and corporate affairs. His experience spans multiple sectors including telecom, power, and real estate. He previously held key roles at companies/firms like Grand Thornton, Bank Alfalah, and Saif Group companies. Mr. Amiruddin joined Transworld in August 2007, currently working as EVP Engineering. He has been a key figure in the internet and data communication sector since 1995. A founding member of Cybernet, he has advised high-tech firms on network design and strategy. He leads network engineering and technology initiatives at Transworld.

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.

The senior management team—Mr. Junaid Iqbal Khan (CEO/Director), Mr. Saad Muzzaffar Waraich (President/Director), and Mr. Naveed Ahmed Malik (EVP Finance/Director)—brings extensive telecom expertise across both the Pakistani and international markets. Joining them, Mr. Aasif Inam now serves as Deputy CEO and Chief Operating Officer. Together, they are distinguished leaders with diverse experience across IT and telecommunications, whose strategic vision continues to drive the Company’s growth and innovation.

As a wholly owned subsidiary of TWA, the Company operates under various formal Management Cometties 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 StormFiber, 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 the Company's base product and IP TV & Voice mail are the 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. 

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 generated a free cash flow (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.