Jazz invests Rs3.7bn in 1QCY23

Jazz, Pakistan’s largest mobile network operator, invested Rs3.7 billion in the first quarter of 2023 and added more than 1,000 new 4G sites, bringing its overall investment in Pakistan to $10.4bn. Despite a 16 per cent growth in overall revenues in local currency, Jazz’s revenue decreased 20.4pc in dollar terms during January-March, mainly due to a massive depreciation in the rupee. The company has said that the profit margins have been affected by a significant increase in business costs such as the increase in interest rates, fuel and electricity costs.