VEON Reports Promising First Quarter of 2024 with Surging USD Revenue and Solid EBITDA Performance

VEON's 1Q24 Financial Overview

Telecommunication services provider VEON Ltd. VEON, with its headquarters in Amsterdam, Netherlands, has announced its first quarter results for 2024. VEON reported a robust growth in USD revenue, recording figures of USD 942 million, which marks an increase of 6.6% year over year (YoY). This uptick is even more pronounced when considering the local currency terms, showing an 11.6% YoY growth. This positive momentum underscores the company's accelerating growth in a competitive global telecom market.

Operational Excellence and EBITDA Results

The sustained operational execution has translated into stable earnings before interest, taxes, depreciation, and amortization (EBITDA), with VEON posting USD 386 million, which closely mirrors last year's figures with a modest increase of 0.2% YoY. When adjusted for local currency fluctuations, the EBITDA actually reflects a stronger performance with a 5.1% YoY growth, indicating the company's resilience and strategic efficiency in managing its operations.

Capital Investments Reflect Growth Ambitions

Capital expenditures (capex) for the opening quarter stood at USD 125 million, representing a significant increase of 38.6% YoY. This substantial rise in capex reflects VEON's commitment to enhancing its infrastructure and service quality to meet the growing demands of its customer base, and to ensure long-term sustainability in its operations.

VEON, telecommunications, earnings, revenue, EBITDA, capex, growth, investment, operational