Jazz’s Q3 2024 revenue grows 22.6pc

KARACHI: Jazz, together with JazzCash, Mobilink Microfinance Bank (MMBL), and other VEON Group digital entities in Pakistan, has announced impressive financial growth for Q3 2024.

Total revenue grew by 22.6 per cent year-on-year (YoY) in local currency, with the expansion driven by a digital-first approach that aligns with Pakistan’s journey towards digital transformation. The ServiceCo model has enabled Jazz to enhance customer engagement and drive significant value, resulting in revenue growth and a substantial expansion of its 4G user base.

In fintech, Jazz’s flagship JazzCash service saw revenue surge by an extraordinary 85.5 per cent YoY, while MMBL achieved a 56.3 per cent YoY revenue increase, together fuelling a significant boost in direct digital revenues.

Jazz’s 4G user base expanded to 49.4 million (an increase of 14.5 per cent YoY), with a 4G penetration rate of 69.1 per cent.Aamir Ibrahim, CEO of Jazz, commented, “As we celebrate our 30th anniversary, our Q3 results highlight the strength of our digital and fintech portfolios and validate our successful transition to a ServiceCo model. Our new Jazz World Headquarters symbolises this mission, serving as a hub for sustainable growth, digital inclusion, and long-term value creation through innovation.”