ISLAMABAD: To serve Pakistan’s increasing data demand and fortify the digital ecosystem in critical areas like fintech, cloud services, and data analytics, Jazz invested Rs37 billion in 2023, bringing its total investment to $10.6 billion.
According to the corporation, Jazz saw a notable 20% increase in income year over year in local currency; however, during the fiscal year 2023, revenue decreased by 12.9 percent in dollar terms, mostly as a result of the rupee’s depreciation.
According to the corporation, record-high loan rates and a significant increase in network energy costs contributed to an extraordinary spike in business expenditures that had an impact on the profits.
Jazz’s capital expenditures in 2023 were mostly focused on building roughly 1,000 new 4G sites. This was necessary since the network expansion contributed significantly to the growth of Jazz’s 4G customer base, which reached 43.9 million by December 2023, while its entire subscriber base reached 70.6 million.
Conversely, JazzFi enables users to communicate via text and chat over a Wi-Fi connection in situations when cellular coverage is spotty or nonexistent. In just a few months after its inception, the service had over 3 million subscribers.
In contrast, JazzCash saw an 82 percent increase in income year over year in 2023, driven by a gross transaction value of Rs5.8 trillion.
