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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 announces that its Bangladeshi operator, Banglalink, has signed an MoU with Robi Axiata to explore network sharing, aimed at expanding 4G coverage and improving network performance in Bangladesh.
This collaboration promotes an 'asset-light' business model, aligning with VEON's strategy and environmental sustainability goals.
The move is expected to enhance customer experience, reduce resource duplication, and improve operational efficiency.
Banglalink has been proactive in expanding its 4G services, including a previous MoU with Teletalk and the sale of part of its towers to Summit Towers
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.
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