It attracted 10 million more 4G customers and now has 111 million digital service users – plans be solely Nasdaq listed and initiate a share buyback programme
VEON, which has headquarters in Amsterdam, has reported strong results for Q2. During the period its revenues were 12.1% higher than the same quarter last year, reaching $1 billion (€916.22 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 10.6% to $459 million.
VEON has almost 160 million customers and operations in six countries that are home to more than 7% of the world’s population – Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan. VEON exited the Russian market in October 2023.
Organic and digital growth
Its CEO, Kaan Terzioğlu (pictured), said the results were due to “robust organic performance across our markets”.
During the quarter VEON attracted 10 million additional 4G customers and has 111 million digital service users, “showcasing our capability to build new businesses in financial, entertainment, healthcare, education and enterprise services,” Terzioğlu said.
He continued: “I am also happy to report for the first time the direct digital revenues generated through our digital financial services, entertainment services, healthcare services, advertising services and Super apps,” which amounted to $108 million in Q2.
This is 83.3% more than a year ago.
The operator group stated it is on target to meet its projected revenue growth for the year of between 16% and 18%, and for EBITDA, increases of between 18% and 20%.
Plans to delist in Amsterdam
The results follow an announcement at the beginning of the month that VEON intends to delist from Euronext Amsterdam and initiate a share buyback programme for up to $100 million
The company said the delisting, and resulting sole listing on Nasdaq, will simplify and streamline the company’s reporting requirements. VEON expects the lelisting process to take place in the fourth quarter of 2024.