ISLAMABAD: Jazz has invested Rs20.6 billion mainly under its 4G-for-All initiative in the first nine months of the calendar year 2023, bringing the overall investment in Pakistan to $10.6bn.

In a statement on Monday, Jazz said that despite 27 per cent year-on-year growth in overall revenues in the local currency, Jazz’s revenue declined by 3.5pc in dollar terms during the third quarter of 2023.

This downturn was primarily due to the 31pc devaluation of the rupee, while the margins felt the impact of the surge in business costs, increase in interest rates and a substantial rise in the energy cost.

Jazz CEO Aamir Ibrahim in a statement said that significant investment has been made in Jazz’s fintech, entertainment and cloud platforms.

Published in Dawn, November 21st, 2023