ISLAMABAD: Jazz invested Rs37 billion in 2023 to support Pakistan’s growing data demand and strengthen the digital ecosystem in key areas including fintech, cloud services, and data analytics, bringing its overall investment to $10.6bn.

The company has said that Jazz witnessed a remarkable 20 per cent year-on-year growth in revenues in local currency, but the revenue declined by 12.9pc in dollar terms during the financial year 2023 primarily due to the devaluation of the rupee.

The company has said that the margins felt the impact of an unprecedented surge in business costs, amid record high interest rates and a substantial rise in network energy costs.

The majority of its capital expenditure during 2023 was directed towards adding nearly 1,000 new 4G sites, as the network expansion played a key role in increasing Jazz’s 4G customer base to 43.9m, while its overall subscriber base reached 70.6m by December 2023.

On the other hand, JazzFi allows customers to talk and text over a Wi-Fi connection, even when cellular coverage is limited or unavailable, attracting over 3 million users within months of its launch.

Meanwhile, JazzCash achieved an 82pc year-on-year revenue surge driven by a gross transaction value of Rs5.8 trillion during 2023.

Published in Dawn, March 22nd, 2024