Pakistan’s leading digital operator, Jazz, part of the VEON Group, announced a robust 20.3% year-on-year revenue growth in the first quarter of 2025, driven by its ongoing digital diversification strategy and disciplined cost management despite challenging macroeconomic and regulatory conditions in the telecom sector.
During Q1 2025, Jazz significantly ramped up its investment, spending PKR 9.5 billion—a 78.4% increase compared to the previous year—to expand its 4G network capacity and scale its digital platforms. This strategic investment underscores the company’s commitment to building a resilient digital ecosystem across Pakistan.
Jazz’s direct digital revenues surged by 49.5% year-on-year, accounting for 27.7% of total revenue. This growth was largely fueled by strong performance in fintech and digital services as Jazz shifts toward platform-based business models. JazzCash, Pakistan’s leading fintech platform, now boasts over 20.6 million monthly active users and processed a gross transaction value of PKR 10.7 trillion in the twelve months ending March 2025. The platform’s extensive network of 121,000 active agents and over 340,000 active merchants has accelerated digital inclusion, with around 142,000 digital loans issued daily. Additionally, Mobilink Bank saw a 25.5% increase in revenue.
Within Jazz’s diverse digital portfolio, the streaming platform Tamasha grew 37.6% year-on-year to reach 16.5 million monthly active users, driven by exclusive cricket content spanning the ICC Champions Trophy, Pakistan Super League (PSL), and major bilateral series. SIMOSA, Jazz’s Sim-Care, Lifestyle & Social app, expanded rapidly to 20.9 million monthly active users, attracting 1 million users within just 23 days of its launch in Q1 2025. Jazz’s AI-powered insurance and healthcare marketplace, FikrFree, surpassed 1 million monthly users and sold 1.8 million policies since its October 2024 launch, with new features planned to further enhance healthcare access across the country. The youth-focused digital lifestyle platform ROX also grew to 700,000 monthly active users.
Jazz’s mobile subscriber base increased to 73.4 million, with 4G users growing 16% year-on-year to 53.3 million. The average revenue per user (ARPU) rose by 14.0% to PKR 328, driven by higher data consumption and uptake of digital bundles. Customers using multiple Jazz services, known as multiplay users, grew 33.1% and now represent 37% of the user base.
Despite a slight dip in EBITDA margins to 42% due to the growing share of digital platforms with relatively lower margins than traditional telecom services, EBITDA grew 13.2% year-on-year. Jazz’s strategic focus on innovation and service diversification is expected to support long-term growth in Pakistan’s evolving digital landscape.
Aamir Ibrahim, CEO of Jazz, commented, “This growth reflects our successful transformation into a ServiceCo—powered by innovation, financial discipline, and a deep commitment to digital inclusion. We’re building platforms that empower individuals, enable small businesses, and help create a more connected, resilient Pakistan. To sustain this momentum, we urgently need tax and policy reforms that recognize the strategic value of digital infrastructure and foster long-term investment.”
As Pakistan’s top taxpayer, Jazz has contributed over PKR 502 billion to the national exchequer over the past decade. The company continues to advocate for fiscal and regulatory reforms that support sustainable sector growth and digital inclusion, emphasizing the critical role of digital infrastructure in Pakistan’s economic future.
Today, Jazz serves over 100 million users through a broad digital portfolio that spans fintech, entertainment, self-care, InsurTech, cloud services, and gaming, marking its shift from a connectivity provider to a comprehensive digital services company.
