VEON reports revenue growth for 5M22 at AGM

Rhea-AI Summary

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.

Positive

• 1.3% increase in consolidated revenue for 5M22 in reported currency.
• 8.7% year-on-year revenue growth in local currency.
• Six of eight countries reported double-digit local currency revenue growth.
• Strong performance attributed to digital operator strategy and improved customer experience.
• Increased subscriber base and market share.

Negative

• None.

AMSTERDAM, June 29, 2022 /PRNewswire/ -- VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, will disclose key financial highlights for the first five months of 2022 ("5M22") at the annual general meeting of shareholders (the "AGM") being held today.

VEON Group 5M22 consolidated revenue, is in positive territory, up by 1.3% in reported currency, and by 8.7% YoY in local currency terms, with six of the eight countries reporting double-digit local currency revenue growth for the period.

Group CEO Kaan Terzioglu commented: "Our digital operator strategy is delivering solid results, enabled by growing 4G penetration. VEON Group's topline growth was an encouraging 8.7% YoY in local currency terms, driven by solid performance in our operations, despite the particularly challenging circumstances. Building on an expanding portfolio of services and with a constant focus on customer experience, our operations are growing their subscriber base, improving their user engagement, reducing churn, increasing their ARPU levels and gaining market share. I am proud of the work done by our teams, and would like to thank our Board and shareholders for their support."

* EBITDA normalised in Ukraine and Kazakhstan is related to employee support and the extraordinary charitable donations in 1Q22. Kyrgyzstan relates to a reversal of a tax accrual in 2Q21.

The full AGM presentation is available on the VEON Group website at https://www.veon.com/investors/equity-investors/agm/.

Disclaimer
This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding management plans and the ability to successfully execute operating model, governance and development plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain or may contain, "inside information" as defined under the Market Abuse Regulation (EU) No. 596/2014.

VEON's year-to-date results presented in this press release are, unless otherwise stated, based on IFRS, using internal management accounts, are the responsibility of management and are subject to financial closing procedures which have not yet been completed and have not been externally audited, reviewed or verified. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the quarter or any future period.

About VEON
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. 

For more information visit: www.veon.com

Contact Information
VEON
Investor Relations
Nik Kershaw
ir@veon.com
+31 20 79 77 200

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SOURCE VEON Ltd

FAQ

What are VEON's revenue growth figures for 5M22?

VEON reported a 1.3% increase in consolidated revenue and an 8.7% growth year-on-year in local currency for the first five months of 2022.

How many countries reported double-digit revenue growth?

Six out of eight countries reported double-digit local currency revenue growth for VEON.

Who commented on VEON's financial highlights at the AGM?

CEO Kaan Terzioglu commented on the financial highlights during the annual general meeting.

Where can I find the full AGM presentation for VEON?

The full AGM presentation is available on VEON's website.

What is VEON's strategy for improvements in customer engagement?

VEON's strategy focuses on enhancing customer experience, which has resulted in improved subscriber engagement and reduced churn.