Islamabad: After eight consecutive quarters of negative US revenue growth, Jaz, one of Pakistan’s leading digital operators, reported a 19.2% rise in US revenue for the first quarter of 2024 (1Q24).
Since its inception, the Telco has invested $10.6 billion in Pakistan. The investment of more than $5.3 billion in the latest 1Q24 reflects the company’s drive to strengthen its digital presence and transition to a technology-focused company.
Describing this development as the first sign of a recovering economic climate in Pakistan X, Jazz CEO Aamir Ibrahim said long-overdue regulatory and policy reforms are needed to support this growth.
He said that these reforms will unlock the potential of the telecommunications industry in accelerating the government’s approach to digital transformation for socio-economic development. The telecom giant is facing challenges affecting its growth, including the year-on-year depreciation of the Pakistani Rupee (PKR), an unprecedented rise in operating costs, a sharp rise in interest rates and a significant increase in grid power. costs due to high fuel and electricity prices.
In recent years, Jazz’s strategic transition from a telecommunications operator to a technology company has helped to reverse the trend, allowing it to maintain and expand its market leadership.
The company’s digital verticals – JazzCash, Tamasha, Karaj and SIMOSA (formerly Jazz World) – lead the fintech, entertainment, cloud and cybersecurity and local self-care industries.
“We are expanding the 4G network, especially in semi-urban and rural areas. In addition to maintaining our leading position in fin-tech, cloud, entertainment and self-care, we are entering EdTech and HealthTech,” he said.
To address the AI language gap in Pakistan, Jaz said Gen is also working on developing an AI-powered Urdu language model and creating locally relevant AI apps to provide a more comprehensive and accessible digital experience to consumers.
Jazz witnesses over 19% USD revenue growth in Q1
