VEON Reports Strong Q2'24 Financial Performance, Affirms Full-Year Outlook

In its second-quarter 2024 trading update, VEON Ltd. VEON, a prominent provider of mobile and fixed-line telecommunications services, reported considerable growth in financial metrics, showcasing a solid operational performance. The Amsterdam-based company has asserted confidence in meeting its full-year guidance benchmarks following an impressive second quarter.

Second Quarter Financial Highlights

The reported quarterly revenue for VEON reached USD 1,026 million, marking a year-over-year increase of 12.1% (or 15.1% when measured in local currency terms). This growth is indicative of the company's successful strategy and dynamic market presence. Furthermore, the quarter saw a substantial gain in EBITDA, which stood at USD 459 million, up 10.6% YoY (or 13.9% in local currency). These figures reflect not only VEON's robust operational execution but also its ability to optimize costs and streamline operations.

Digital Revenue Surges

A significant highlight of the quarter was the impressive performance in direct digital revenue, a key indicator of VEON's ongoing digital transformation and market adaptation. The company reported direct digital revenue of USD 108 million, surging by 83.3% YoY (an 81.4% increase in local currency terms). This remarkable growth demonstrates VEON's capabilities in leveraging digital platforms to enhance customer experiences and revenue streams.

Forward-Looking Statements

VEON remains optimistic about its future financial performance and operational fortitude. The company's confident stance is further solidified by these strong second-quarter results, aligning with the trajectory set by its full-year guidance. As VEON continues to evolve both its network infrastructure and digital services, it anticipates maintaining a positive growth trend and fulfilling its commitment to providing superior telecommunications services globally.

Earnings, Growth, Telecommunications