Pakistan’s leading telco company, has announced its financial results for the second quarter of 2019. The company has recorded unprecedented total revenue growth of 20.5% year on year.
In addition to an aggressive digital growth focus from the leadership, several factors have contributed to this solid growth. Jazz’s service revenue increase has been predominately driven by the rise in the number of data customers in this quarter. More and more people are choosing Jazz to connect and every third Pakistani is a Jazz customer. The doubled data usage has generated a 58.8% data revenue growth. Additionally, the subscriber base of JazzCash 30-day active wallet has increased to 5.7 million. This has led to a surge in the financial services revenue by 36%. Overall, this represents a sequential increase of 7.7% from the first quarter of 2019 and totals a revenue of PKR 1.9 billion. This comes at a time when global shifts and macroeconomic policies have largely challenged the private sector.
The quarterly financial report also showed that the customer base has increased by 7.2% year on year. The quarter on quarter customer trend reflects Jazz’s commercial strategy to focus on high-value customers to further improve new sales customer mix, leveraging on network quality of service. At the end of quarter two of 2019, Jazz’s data services are available to more than 50% of the country’s population with data coverage in more than 225 cities.
This half-year performance is particularly impressive for VEON Ltd., Jazz’s parent company. Owing to the rising population in Pakistan, the demand for top-quality cellular services is an important aspect of urban lifestyle. Economic experts term phone connectivity and data particularly as an essential enabler and not a luxury.
These results come at a significant milestone of the company’s 25th anniversary. This serves as a testament to the Jazz’s market leadership and robust technical advantage. With its service focus on remote and under-served communities, Jazz has prioritized the goal to empower all Pakistanis, while also maintaining an impressive performance on the business front.