Saturday August 13, 2022

Jazz revenues down 12.1pc YoY

By Our Correspondent
August 05, 2022

ISLAMABAD: Despite an 11.1 percent year on year (YoY) growth in overall revenues in local currency, Jazz’s revenue decreased 12.1 percent in US dollar terms during the second quarter of 2022 because of the rupee devaluation, it said on Thursday.

“The margins are hampered by exponential increase in operational cost including fuel, electricity, interest and forex rates,” Jazz said.

The service provider invested Rs11.2 billion under its ‘4G for all’, taking its overall investment in the country to $10.3 billion.

A majority of its capital expenditure during the quarter was on the addition of approximately 400 new 4G sites.

The network expansion played a key role in increasing Jazz’s 4G customer base by 24.1 percent YoY to reach 38.2 million while its overall subscriber base touched 75.5 million, it said.

Its digital financial service, JazzCash, reached 16.2 million monthly active users and 157,000 active merchants.

Its self-care app, Jazz World has got monthly active users growing by 27.5 percent YoY to reach 11.1 million. Jazz’s Tamasha has reaches 1.6 million monthly active users, its data showed.