In a significant move to expand and enhance Pakistan’s telecommunications infrastructure, Jazz has invested Rs20.6 billion, primarily under its 4G-for-All initiative, during the first nine months of 2023. This substantial investment brings the company’s total investment in Pakistan to $10.6 billion.
Despite achieving a remarkable 27% year-on-year growth in overall revenues in local currency, Jazz’s revenue experienced a 3.5% decline in dollar terms during the third quarter of 2023. This downturn is primarily attributed to the 31% devaluation of the Pakistani rupee. Additionally, Jazz’s margins faced pressure due to a surge in business costs, an increase in interest rates, and a substantial rise in energy expenses.
Despite these challenges, Jazz remains committed to its mission of transforming Pakistan’s digital landscape. The company has made significant investments in its fintech, entertainment, and cloud platforms, paving the way for a more connected and digitally empowered Pakistan.
Aamir Ibrahim, CEO of Jazz, stated, “We remain committed to our promise of connecting Pakistan and empowering its people through technology. Our continued investments in infrastructure, fintech, entertainment, and cloud platforms will drive digital inclusion, fostering innovation and economic growth.“
Jazz’s unwavering dedication to Pakistan’s digital transformation is evident in its substantial investments and innovative initiatives. The company’s commitment to providing affordable and reliable connectivity, coupled with its focus on emerging technologies, positions Pakistan for a brighter digital future.