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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.
Amsterdam, 5 August 2022: VEON Ltd. announces that its subsidiary Banglalink has entered a tower sharing agreement with Bangladesh Telecommunications Company Limited (BTCL). This asset-light strategy aims to enhance service quality and facilitate Banglalink's 4G expansion. The partnership allows for optimized resource utilization and energy-efficient operations. VEON's CEO emphasizes a focus on high-quality connectivity and digital services while reducing capital-intensive infrastructure ownership. The collaboration reflects VEON's commitment to transforming lives through technology and improving shareholder value.
VEON Ltd. has appointed Alex Bolis, previously the Head of Corporate Strategy, Communications and Investor Relations, as a special advisor to the CEO and CFO. He will now engage in special projects across the Group and specific countries. The investor relations and communications functions will report to the Group CFO and Chief People Officer, respectively. CEO Kaan Terzioglu expressed gratitude for Bolis’s contributions to the company's transformation.
VEON announces the completion of additional share transfers to its Executive Committee members under the Deferred Share Plan established in February 2022. The latest transfers include 145,715 shares to Michael Schulz, 92,572 shares to Joop Brakenhoff, and 64,286 shares to Alex Bolis. This program aims to align management ownership with the company’s performance, requiring GEC members to maintain a minimum shareholding equivalent to 6.0x the Group CEO’s salary and 2.0x for other members. These incentives encourage long-term commitment to VEON’s growth.
VEON Ltd. (NASDAQ: VEON), a global digital operator, announces the completion of management share transfers as part of its incentive program initiated in February 2022. The transfer includes shares awarded to the Group CEO, Kaan Terzioglu, and Group CFO, Serkan Okandan, under VEON's Deferred Share Plan. This step aims to align executive compensation with the company’s digital strategy and long-term shareholder value creation. Post-transfer, Terzioglu holds 1,674,900 shares, while Okandan holds 222,172 shares.
VEON Ltd. held its Annual General Meeting of Shareholders on June 29, 2022, where significant governance changes were implemented. Shareholders elected three new directors: Augie Fabela, Morten Lundal, and Stan Miller, alongside eight continuing members. The meeting saw 99.9% of shares represented and included the formal presentation of the financial statements. The newly elected directors bring extensive experience in telecommunications and media, which could positively influence VEON's strategy moving forward.
VEON Ltd. reported a 1.3% increase in consolidated revenue for the first five months of 2022, up 8.7% year-on-year in local currency. Six out of eight countries showed double-digit revenue growth. CEO Kaan Terzioglu attributes this growth to the digital operator strategy, enhancing customer experience, and expanding service portfolios. Subscriber growth and improved engagement metrics are noted, reflecting a positive operational outlook despite challenging conditions. Full AGM details are available on the VEON website.
VEON Ltd. reported its 1Q22 financial results, showing a net loss of USD 97 million yet a significant net profit before impairments rose by 168% YoY to USD 375 million. Revenue increased by 9.8% YoY in local currency to USD 1,823 million. Cash from operations was USD 565 million, demonstrating strong cash flow generation despite challenges. A non-cash goodwill impairment of USD 449 million affected results, primarily due to operations in Russia. Overall, VEON continues to strengthen its market presence in various regions, including Ukraine and Pakistan.
VEON Ltd. has announced a significant US$ 15 million investment in Dastgyr, a B2B e-commerce platform in Pakistan, as part of its Series A funding. This investment aims to enhance Pakistan's digital economy, connecting retailers with suppliers for better pricing and financing visibility. The funding will support Dastgyr's expansion into 15 new cities, building synergies with VEON's existing services like Jazz's communications network and JazzCash mobile payments. VEON's investment reflects its commitment to the region's digital transformation.
On June 10, 2022, VEON's CEO Kaan Terzioğlu provided an update on key developments for stakeholders. VEON completed the sale of its Georgian operations for USD 45 million, strengthening focus on high-growth markets. The company increased its cash reserves to approximately USD 2.4 billion and finalized significant long-term loans for its Pakistani and Bangladeshi operations. The Group reported year-on-year revenue growth in April and May, driven by strong performance in its digital services. The Annual General Meeting is scheduled for June 29, 2022.
VEON Ltd. announced the completion of the sale of its Georgian subsidiary, VEON Georgia LLC, to its former local partner for USD 45 million. This transaction reflects a 3.5x multiple on 2021 EBITDA (pre-IFRS16) and aligns with VEON's strategy to simplify its organizational structure. CEO Kaan Terzioglu highlighted the successful negotiations and emphasized the commitment of the new shareholder towards the ongoing digital transformation in Georgia. This move indicates VEON's continued focus on streamlining operations while fostering digital growth in the region.
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