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VEON, a global digital operator, reported its Q1 2024 financial and operational results. The company achieved USD 942 million in revenue, reflecting a 6.6% year-over-year (YoY) increase in reported currency and an 11.6% increase in local currency. EBITDA stood at USD 386 million, marking a 0.2% YoY increase in reported currency and a 5.1% increase in local currency. The company recorded capital expenditures (capex) of USD 125 million, up 38.6% YoY, with a last twelve months (LTM) capex intensity of 18.3%. Total cash and cash equivalents were USD 632 million as of March 31, 2024, and VEON reduced its gross debt to USD 3.7 billion, down by USD 2.0 billion YoY. VEON maintains its full-year guidance for 2024, expecting revenue growth of 16-18% and EBITDA growth of 18-20% in local currency. The company also increased its share ownership and is set to hold its 2024 Annual General Meeting and Capital Markets Day on June 6th, 2024.
VEON has signed a Memorandum of Understanding (MoU) with Beeline Kazakhstan, GSMA, and the Barcelona Supercomputing Center (BSC) to explore AI and language technologies for under-resourced languages. The agreement, signed at M360 Eurasia in Baku, aims to develop AI systems and language models to bridge the digital divide and improve user experiences in low-resource languages like Kazakh. Beeline Kazakhstan's IT subsidiary, QazCode, has already launched a Kazakh-language AI module, Kaz-RoBERTA-conversational, for customer service. The initiative hopes to address the AI language gap and promote digital inclusion for millions of people.
VEON, a global digital operator, has published its Annual Corporate Governance Report for the financial year 2023. Released on May 15, 2024, the Report is available on the Financial Results section of VEON's website. It includes essential details ahead of the 2024 Annual General Meeting of Shareholders scheduled for May 31, 2024. The Report summarizes key 2023 achievements, outlines VEON's corporate governance structure, presents the Board of Directors' nominee recommendations, and provides an unaudited remuneration report for the year ending December 31, 2023.
VEON's subsidiary, Kyivstar, was named the top international investor in Ukraine for 2022-2023 by Forbes Ukraine. Kyivstar's UAH 12.3 billion (approx. USD 350 million) in capital expenditures focused on expanding 4G coverage, network availability, energy resilience, and digital services. They installed 5,500 new base stations and upgraded over 13,000 to 4G, increasing 4G coverage from 90.3% to 95.4%. Kyivstar also invested UAH 1 billion (USD 27.4 million) in energy resilience and acquired a controlling interest in Helsi, a leading digital healthcare platform. VEON and Kyivstar have committed to investing USD 600 million over the next three years.
VEON announced that its digital platform Tamasha has secured digital streaming rights for all major ICC tournaments in 2024 and 2025. Tamasha, Pakistan’s largest OTT platform, will broadcast events like the ICC Men's T20 World Cup 2024 and ICC Champions Trophy 2025. This follows Tamasha's success during the 2023 ICC Men's Cricket World Cup, where it reached over 21 million monthly active users and peaked at 8.5 million daily active users. More than 50 advertisers have partnered with Tamasha, reflecting the shift to digital streaming in Pakistan.
VEON 's subsidiary Banglalink is leading the 3G phase-out in Bangladesh to focus on enhancing 4G services, resulting in significant growth in 4G subscribers and coverage. Banglalink aims to provide high-quality connectivity and digital services, supporting Bangladesh's 'Smart Bangladesh Vision 2041' with state-of-the-art infrastructure and services.
VEON hosts the 2024 Beetech Conference in Astana with Beeline Kazakhstan and QazCode, focusing on AI, big data, and app development. Over 1000 delegates attended with speakers from global tech companies. QazCode to establish Central Asia's first GPU cloud for AI products.
