No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
No Result
View All Result
No Result
View All Result

Despite macroeconomic challenges, Jazz invested PKR 52 billion to expand & upgrade its network in FY22

Press Release by Press Release
March 17, 2023
in Business, Corporate World, Latest News, Top News
Reading Time: 2 mins read

Islamabad – March 16, 2023: Despite a 24.3% YoY growth in overall revenues in local currency, Jazz’s revenue decreased 2.6% in USD terms during the fourth quarter of 2022, mainly due to PKR devaluation, whereas the margins are hampered by an exponential increase in operational costs, including fuel, electricity, interest rate and forex.

Increase in fuel and electricity prices by 71% and 53% YoY, respectively, was offset by a one-time effect to the reversal of a provision.

Despite macroeconomic challenges, Jazz continued to lead the market with an unabated focus on driving digital inclusion while enhancing quality of services for its customers by investing over PKR 52 billion under its ‘4G for all’ ambition in FY 22, taking its overall investment in Pakistan to US$10.4 billion. During the reporting period, Jazz’s total mobile subscriber base reached 73.7 million, with 41.3 million 4G users and 10 million Voice-over-LTE (VoLTE) users offering a more immersive communication experience.

The performance of its digital services during the quarter solidified Jazz’s position as a preferred lifestyle partner for 123 million mobile broadband users in Pakistan. JazzCash, the most popular mobile wallet in Pakistan, reached 16.4 million monthly active users and 186,000 active merchants, recording 2.1 billion transactions in FY22, with a Gross Transaction Value of PKR 4.2 trillion. On the other hand, the self-care app Jazz World continued to enjoy strong customer adoption levels, with monthly active users reaching 12.7 million. At the same time, Pakistan’s largest homegrown OTT platform Tamasha now has 4.3 million monthly active users.

Aamir Ibrahim, CEO of Jazz, said, “Despite an unprecedented increase in operating costs and restrictions on importing essential telecom equipment, we are making an all-out effort to optimize and enrich customer experience through consistent network investments and our robust digital services portfolio. Higher user engagement in digital services and recognition of Jazz as the fastest mobile broadband provider, by Ookla, in Pakistan further validates our commitment to offering the best-in-class services to our customers.”

He further said that while Pakistan’s telecom sector has a dollarized cost structure, in terms of spectrum fees, capex, and fuel, the weakening rupee against the dollar makes telecom equipment more expensive. Moreover, the rising interest rates are making its financing twice as expensive. In this scenario, the average revenue per user must rise from the current lowest in the world, at $0.75, to at least $1.5 in the next 12 months to ensure consistent improvement in the quality of services. Jazz, for its part, has an accelerated growth mindset and will take disciplined inflationary pricing to help mitigate this digital emergency.

Press Release

Press Release

Related Posts

launch of Hyundai's Santa Fe
Corporate World

Revolutionizing the SUV Landscape: The launch of Hyundai’s Santa Fe is around the corner

September 21, 2023
Perfect TV for Sports Enthusiasts
Corporate World

Transforming Your Living Room into a Stadium: A Guide to Choosing the Perfect TV for Sports Enthusiasts

September 21, 2023
Zong 4G new CEO Mr. Huo Junli
Corporate World

Zong 4G announces Mr. Huo Junli as Its New CEO and Chairman

September 21, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

Misleading AI content on TikTok

Misleading AI content? TikTok new tools to ensure transparency

by Zain Aijaz
September 20, 2023

Amid the increasing use of Artificial Intelligence in content creation & the possibility of it being misleading or confusing, TikTok...

Sindh lifts ban on registration of private schools

Sindh govt lifts ban on registration of private schools with new rules

by Zain Aijaz
September 20, 2023

The caretaker government of Sindh has announced lifting the ban on private educational institutions registration. The provincial government has also...

Public Trust in Tax survey tells public’s attitude towards tax

Public Trust in Tax survey: Trust, corruption & sustainable development are affecting public’s attitude towards tax

by Web Desk
September 20, 2023

LAHORE: The Public Trust in Tax survey which questioned 7,700 members of the public across the globe shows that accountants...

Cheezious Opens 30th Branch in Rawalpindi

Cheezious Opens 30th Branch in Rawalpindi, Honors Pakistan Blind Cricket Team

by Web Desk
September 19, 2023

RAWALPINDI/ISLAMABAD: Cheezious, the iconic fast-food brand that has been synonymous with spreading "cheezy khushiyan" (cheesy happiness) across Pakistan since 2012,...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut

Copyright © 2022 The Upcut. All rights reserved.

Go to mobile version