Jazz, Pakistan’s leading digital operator and part of the VEON Group, has announced a robust 20.3% year-on-year revenue growth for the first quarter of 2025, fueled by rapid digital diversification and disciplined cost management, despite ongoing macroeconomic and policy challenges in the telecom sector.
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The company significantly ramped up its investments, injecting Rs9.5 billion in Q1 2025—a 78.4% increase from the same period last year—to expand its 4G network and scale digital services. This strategic investment underpins Jazz’s ongoing evolution from a traditional telecom operator into a digital services powerhouse.
Digital revenue remains a major growth engine, increasing 49.5% year-on-year and contributing 27.7% to overall revenue. Fintech operations, led by JazzCash, continued to dominate, with over 20.6 million monthly active users. JazzCash processed Rs10.7 trillion in gross transaction value over the last twelve months as of March 2025. Its network now includes 121,000 active agents and over 340,000 merchants, with around 142,000 digital loans issued daily. Mobilink Bank, Jazz’s microfinance arm, also recorded a solid 25.5% revenue increase.
Jazz’s digital verticals are seeing remarkable traction. Tamasha, the country’s largest local streaming platform, surged 37.6% year-on-year, reaching 16.5 million monthly active users, fueled by exclusive cricket content from major tournaments including the ICC Champions Trophy and PSL.
*SIMOSA, Jazz’s all-in-one lifestyle and social platform, hit 20.9 million MAUs, with its new social community adding 1 million users just 23 days post-launch. **FikrFree, Jazz’s AI-powered insurance and healthcare marketplace, has surpassed 1 million users and 1.8 million insurance policies sold since its launch in October 2024. Meanwhile, *ROX, a youth-focused lifestyle platform, reached 700,000 MAUs.
The company’s mobile user base climbed to 73.4 million, with 4G subscribers up 16% to 53.3 million. Average Revenue Per User (ARPU) grew 14% to PKR 328, driven by greater data consumption and increased uptake of digital service bundles. Multiplay customers—users of more than one Jazz service—grew by 33.1%, now accounting for 37% of the base.
EBITDA rose 13.2% year-on-year, although margins dipped slightly to 42%, reflecting a growing share of digital revenues that traditionally carry lower margins. Jazz expects long-term gains from its ongoing investment in digital platforms and service diversification.
“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 recognise the strategic value of digital infrastructure and foster long-term investment,” said Aamir Ibrahim, CEO of Jazz.
As the largest taxpayer in Pakistan’s telecom sector, Jazz has contributed over Rs502 billion to the national exchequer over the past decade, reinforcing its role not only as a digital pioneer but also as a key driver of national economic development.
