Islamabad: Jazz, along with its subsidiaries JazzCash and Mobilink Microfinance Bank, has invested more than Rs 33 billion in the first nine months of 2024, strengthening Pakistan’s digital ecosystem across banking, financial services, cloud computing, data centres, digital healthcare, entertainment and connectivity. .
The company also contributed Rs97 billion to the national exchequer through corporate tax, sales tax, import duties and withholding taxes from customers and suppliers.
The company revealed in a statement that Rs41 billion of its investments focused on expanding high-speed mobile broadband in underserved areas, supporting research and development, promoting startup growth, meeting license renewal payments, spectrum fees, and other obligations.
As a result, Jazz recorded revenue growth of more than 25% in the first nine months of 2024 compared to the same period last year. Jazz serves more than 100 million customers monthly across its platforms, including telecom, banking and entertainment. In addition, its business segment, Jazz Business, caters to 98 of the top 100 companies listed on the Pakistan Stock Exchange (PSX).
Amer Ibrahim, CEO of Jazz and head of all VEON Group businesses in Pakistan, emphasized the growing importance of digital services in the company’s revenue mix, highlighting its role in enhancing customer engagement and retention.
“With telecom revenues stabilizing, our focus has shifted to higher growth areas such as data centres, fintech and IT solutions,” Mr. Ibrahim said. He added that the rapid growth of data centres, fintech and software industries positions Pakistan as an emerging player in the global IT landscape.
“We believe that our investments in these sectors will increase Pakistan’s presence on the global stage in the coming years,” he noted.
The company is also integrating artificial intelligence (AI) into its operations and plans to expand its data hosting capacity over the next three years.
Jazz currently operates Jazz Digital Park, a state-of-the-art, Telecommunications Industry Association (TIA) Tier 3 certified data center, developed with an investment of over $8 million.