VEON reveals faster local currency revenue and EBITDA growth in first five months at AGM
29 June 2023 - 3:00PM
VEON reveals faster local currency
revenue and EBITDA growth in first five months at AGM
Amsterdam, 29 June 2023 07:00
CEST – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON),
a global digital operator that provides converged connectivity and
online services, will report its key financial highlights for the
first five months of 2023 ("5M23") at the annual general meeting of
shareholders (“AGM”) being held today.
During April and May 2023, VEON Group
demonstrated accelerated growth in local currency revenues,
achieving a 19.0% year-on-year increase. These results have
solidified the strong year-to-date performance. While reported
currency revenues for the first five months of 2023 saw a 7.6%
decline compared to the previous year, local currency revenues
increased by 16.8% year-on-year. Notably, five out of our six
countries experienced double-digit local currency revenue growth
during this period. Despite the challenges, Kyivstar showcased
resilient growth and continued to serve Ukraine with
dedication.
Group CEO Kaan Terzioğlu expressed his
satisfaction, stating, "The robust operating results in April and
May reflect the successful execution of VEON Group's Digital
Operator strategy, which continues to drive our accelerated
top-line growth. Our revenues for the April-May period have
increased by an encouraging 19% year-on-year in local currency
terms, fueled by strong performance across all our local operations
despite the challenging business landscape."
Terzioğlu continued, "We are actively expanding
our portfolio of digital products and services while remaining
dedicated to delivering a great customer experience. As a result,
we are attracting a larger customer base that embraces our digital
services, resulting in improved user engagement, reduced customer
turnover, increased average revenue per user (“ARPU”), and expanded
market share. These achievements underscore our strong operational
performance."
Terzioğlu concluded by acknowledging the efforts
of the VEON teams across all six countries of operation, expressing
gratitude to the Board and shareholders for their ongoing
support.
The table below details both the April and May
(“QTD”) and 5M23 revenues and EBITDA trends for the Group on a
country-by-country basis:
Period
ended 31 May 2023 (unaudited) |
QTD
YoY (reported) |
QTD YoY (local currency) |
5M23
YoY (reported) |
5M23
YoY (local currency) |
Total revenue |
(5.9%) |
19.0% |
(7.6%) |
16.8% |
Ukraine |
(7.5%) |
15.6% |
(13.5%) |
9.7% |
Pakistan |
(19.8%) |
20.2% |
(20.2%) |
17.7% |
Kazakhstan |
19.7% |
21.5% |
21.8% |
22.5% |
Bangladesh |
(5.5%) |
16.0% |
(4.7%) |
17.0% |
Uzbekistan |
22.0% |
24.3% |
20.7% |
24.1% |
Kyrgyzstan |
16.2% |
23.0% |
19.8% |
20.6% |
Service revenue |
(5.3%) |
19.5% |
(6.9%) |
17.4% |
Ukraine |
(7.7%) |
15.3% |
(13.6%) |
9.6% |
Pakistan |
(18.4%) |
22.2% |
(19.2%) |
19.2% |
Kazakhstan |
19.1% |
21.0% |
22.4% |
23.0% |
Bangladesh |
(5.3%) |
16.2% |
(4.5%) |
17.2% |
Uzbekistan |
22.0% |
24.3% |
20.7% |
24.1% |
Kyrgyzstan |
16.6% |
23.4% |
19.9% |
20.7% |
EBITDA |
(7.3%) |
19.6% |
(11.1%) |
14.6% |
Ukraine |
(11.8%) |
10.2% |
(17.7%) |
4.5% |
Pakistan |
(16.9%) |
24.6% |
(20.7%) |
17.1% |
Kazakhstan |
19.7% |
21.8% |
30.4% |
30.7% |
Bangladesh |
(4.6%) |
17.0% |
(7.2%) |
13.9% |
Uzbekistan |
8.6% |
10.7% |
7.0% |
10.1% |
Kyrgyzstan |
(8.9%) |
(4.1%) |
13.5% |
14.4% |
The full AGM presentation is available on the
VEON Group website at
https://www.veon.com/investors/equity-investors/agm/.
About VEON
VEON is a global digital operator that currently
provides converged connectivity and online services to about 160
million customers in six dynamic markets. We transform people’s
lives, empower individuals, create opportunities for greater
digital inclusion and drive economic growth across countries that
are home to more than 7% of the world’s population. Headquartered
in Amsterdam, VEON is listed on NASDAQ and Euronext Amsterdam, and
has a broad investor base. For more information
visit: https://www.veon.com.
Disclaimer
This press release contains “forward-looking
statements”, as the phrase is defined in Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended. Forward-looking
statements are not historical facts, and include statements
relating to, among other things, expectations regarding management
plans and the ability to successfully execute operating model,
governance and development plans. Forward-looking statements are
inherently subject to risks and uncertainties, many of which VEON
cannot predict with accuracy and some of which VEON might not even
anticipate. The forward-looking statements contained in this
release speak only as of the date of this release. VEON does not
undertake to publicly update, except as required by U.S. federal
securities laws, any forward-looking statement to reflect events or
circumstances after such date or to reflect the occurrence of
unanticipated events. Furthermore, elements of this release contain
or may contain, “inside information” as defined under the Market
Abuse Regulation (EU) No. 596/2014.
VEON’s QTD and 5M23 results presented in this
press release are, unless otherwise stated, based on IFRS, using
internal management accounts, are the responsibility of management
and are subject to financial closing procedures which have not yet
been completed and have not been externally audited, reviewed or
verified. Although we believe the information to be reasonable,
actual results may vary from the information contained above and
such variations could be material. As such, you should not place
undue reliance on this information. This information may not be
indicative of the actual results for the quarter or any future
period.
Contact Information
VEONInvestor RelationsNik Kershawir@veon.com
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