The India blockade did not damage Hum’s revenues. The BDS-driven advertising slump did

Hum Network Ltd (PSX: HUMNL) ended FY2025 still in profit, but with thinner margins and a markedly weaker fourth quarter as Pakistan’s advertising market seized up. Management says the shock had little to do with India’s geo-blocking of Pakistani channels on YouTube and everything to do with an advertising freeze tied to boycott, divestment and sanctions (BDS) campaigns that targeted multinational consumer brands – many of which are among the country’s largest media buyers. At the same time, Hum’s digital engines – principally YouTube – continued to hum, cushioning the blow as audiences and marketers migrate online.

Hum’s top line for FY2025 (year ended 30 June 2025) came in at roughly Rs11.5 billion on a consolidated basis, compared to Rs12.3 billion in FY2024, with gross margin easing to 46% from 50% a year earlier, according to the company’s published financial highlights. Profit after tax was Rs1.2 billion, down from Rs2.9 billion in FY2024. These headline figures underscore the network’s resilience through most of the year – until the final quarter, when advertising demand abruptly fell away.