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VEON Ltd. ADS (symbol: VEON) is a global digital operator providing converged connectivity and internet services to nearly 160 million customers across six dynamic markets, including Pakistan, Ukraine, Kazakhstan, Bangladesh, Uzbekistan, and Kyrgyzstan. VEON offers a comprehensive suite of services encompassing voice, fixed broadband, data, and digital solutions under renowned brands such as Beeline, Kyivstar, banglalink, and Jazz.
Headquartered in Amsterdam and listed on NASDAQ and Euronext, VEON is committed to driving the personal internet revolution by transforming lives through technology-driven services that foster digital inclusion and economic growth. The company prides itself on its ability to empower individuals and create opportunities across its footprint, which covers more than 7% of the world's population.
VEON continuously innovates and expands its offerings. For instance, its subsidiary, Beeline Kazakhstan, in collaboration with IT firm QazCode, hosted the 2024 Beetech Conference in Astana. This event highlighted advancements in AI and big data, featuring participation from global tech giants like NVIDIA and local experts. QazCode also unveiled plans to establish the first GPU cloud in Central Asia, enhancing AI product development capabilities in the region.
Another milestone includes Banglalink's strategic phase-out of 3G services in Bangladesh to enhance its 4G network. This move is part of VEON's broader strategy to provide superior digital experiences and support the country's 'Smart Bangladesh Vision 2041'. Banglalink's 4G subscriber base has grown significantly, reflecting the success of this initiative.
VEON's digital entertainment platform, Tamasha in Pakistan, secured streaming rights for major ICC tournaments, catering to the passionate cricket fanbase. Such strategic content acquisitions are integral to VEON's customer engagement and retention strategy.
Financially, VEON has demonstrated robust growth, with a 6.6% year-on-year increase in total revenues for the first quarter of 2024. The company continues to invest in its infrastructure, with a notable 38.6% year-on-year increase in Capex. VEON maintains a strong liquidity position with USD 632 million in cash equivalents as of March 31, 2024.
VEON's leadership, including CEO Kaan Terzioğlu, is focused on executing its digital operator strategy, leveraging new technologies like AI to enhance customer experiences and drive growth. The recent AGM saw the appointment of a new board, including notable figures like former U.S. Secretary of State Michael R. Pompeo, reflecting VEON's commitment to governance and strategic oversight.
For more information, visit www.veon.com.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has received a commercial license for its branch office in Dubai International Finance Centre (DIFC). This development aligns with VEON's previously announced plans to relocate its headquarters from Amsterdam to DIFC. Upon completion of the transition, VEON will become the largest Nasdaq-listed company headquartered in Dubai. The company operates as a global digital operator serving nearly 160 million connectivity customers and over 100 million monthly active digital service users across Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan.
VEON reported strong Q3 2024 results with total revenue reaching USD 1,038 million, up 9.8% YoY (14.1% in local currency). Direct digital revenue grew 35.1% YoY to USD 121 million, while telecom revenue reached USD 916 million. EBITDA was USD 438 million, showing a slight decrease of 1.5% YoY in reported currency. The company maintains strong liquidity with USD 1,019 million in total cash and cash equivalents. Despite challenges in Bangladesh and asset sales in Kazakhstan, VEON expects full-year revenue growth of 8-10% YoY and EBITDA growth of 4-6% YoY in USD terms.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has announced the re-appointment of UHY LLP as their independent registered public accounting firm for the Group's 2024 PCAOB Audit. UHY LLP is part of UHY International, a global network established in 1986 and ranked 19th among international audit networks. UHY International operates in over 330 business centers across 96 countries, serving various organizations including public corporations, private businesses, and non-profit entities.
VEON announces the launch of RYZE, an AI-powered digital lifestyle app by its Bangladesh operator Banglalink. The app targets Bangladesh's young population, where over 48% of 175 million people are under 25. RYZE offers AI-driven personalization, skill development resources, entertainment packages, and loyalty rewards, available to all mobile users across networks.
This launch adds to VEON's portfolio of digital-first lifestyle apps, including ROX in Pakistan, IZI in Kazakhstan and Kyrgyzstan, and OQ in Uzbekistan. VEON's digital services currently represent more than 10% of the Group's total revenues in H1 2024, serving 160 million connectivity customers and 110 million monthly active users across various digital products.
VEON's leadership team, including Chairman Augie Fabela and CEO Kaan Terzioglu, met with Pakistan's Prime Minister Shehbaz Sharif to discuss the country's digital advancement. The delegation highlighted VEON's investments in Pakistan's digital infrastructure through Jazz and Mobilink Bank, serving over 70 million mobile users and 63 million monthly active users across digital services like JazzCash, Tamasha, and Simosa. The team also met with various government officials including the Finance Minister and IT Minister. Pakistan, with 244 million people and 64% under 30, represents a significant digital growth opportunity. VEON plans to host its upcoming Board meeting and annual Board Strategy meeting in Pakistan, its largest market.
VEON's enterprise solutions business Garaj, part of Pakistan's Jazz operator, has signed an agreement with Standard Chartered Bank to establish a regional availability zone. Garaj will provide disaster recovery data center services through its advanced Tier 3 Data Center, which complies with Global TIA-942 standards. The partnership includes 24/7 operational support, dedicated Network Operations Center, and certified engineer helpdesk services. Garaj currently serves over 400 enterprise customers, including 98 of the top 100 Pakistan Stock Exchange listed companies, offering cloud infrastructure, cybersecurity, and managed services through two cloud availability zones.
VEON's subsidiary Jazz has partnered with NUST and NITB to develop Pakistan's first indigenous Large Language Model (LLM) focusing on Urdu, Pashto, and Punjabi languages. The five-year collaboration aims to bridge the digital divide by creating AI tools in under-resourced regional languages. This initiative follows VEON's similar efforts in Kazakhstan, where its subsidiary Beeline collaborated with GSMA and Barcelona Supercomputing Center for Kazakh language AI development. The project aims to enhance digital inclusivity and innovation across critical sectors including healthcare, education, and agriculture.
JazzCash, VEON's fintech platform in Pakistan, has partnered with the Benazir Income Support Programme (BISP) to distribute government cash support to women beneficiaries. JazzCash will channel PKR 78 billion (~USD 187m) to 1.3 million BISP-registered women across Pakistan by end of next year. The company has already transferred PKR 15 billion to beneficiaries in Hyderabad, Matiari and Rahim Yar Khan regions. The initiative includes dedicated disbursement centers, training support, and a complaint management unit with regional language support to ensure effective assistance.
VEON has launched Hambi, an AI-powered super app in Uzbekistan that consolidates digital services and connectivity into a single application. The app, whose name means 'all-in-one' in Uzbek, is available to all mobile users regardless of their provider. Hambi offers various services including e-health consultation (Hambi Davo), car insurance (Hambi Auto), digital marketplace, travel, entertainment, TV, fintech, and gaming functionalities. Beeline Uzbekistan customers get additional self-service options for managing tariffs, data, and roaming. Users can earn mobile data plans, discounts, and bonuses through daily engagement. The app features AI-powered elements for personalized user experience and joins VEON's portfolio of super apps across other markets.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, has announced the filing of its 2023 Dutch Annual Report with the Dutch Authority for the Financial Markets (AFM). The report includes audited consolidated financial statements for the year ended December 31, 2023, prepared according to International Financial Reporting Standards as adopted by the EU and Dutch Civil Code requirements. The complete report is available on VEON's website in the Financial Results section.
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