Saturday, 18 May 2024


VEON reports robust Q1 2024 growth despite challenges By

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VEON Ltd. (NASDAQ: NASDAQ:), a leading global provider of connectivity and internet services, reported a significant increase in its first-quarter revenue for 2024, with a 6.6% year-over-year growth in US dollar revenue. The company’s performance was bolstered by solid growth across its digital platforms and mobile financial services, despite facing challenges such as a cyberattack in Ukraine.

VEON’s 4G user base expanded to 97 million, and its multiplay segment, which now represents nearly half of consumer revenues, grew by 36% year-over-year. The company’s entertainment platform, Tamasha, reached 12 million monthly active users, and its financial services platform, JazzCash, issued 87,000 consumer loans, indicating strong market demand.

VEON’s leadership expressed confidence in the company’s strategy and digital service offerings, which have positively impacted customer retention and revenue.

Key Takeaways

  • VEON’s US dollar revenue grew by 6.6% year-over-year, with organic growth reaching 15% excluding the cyberattack impact.
  • The company’s 4G user base grew by 11% to 97 million, and multiplay segment revenue increased by 36%.
  • Digital platforms such as JazzCash and Tamasha showed strong performance, with JazzCash issuing 87,000 consumer loans.
  • Revenue growth was notable in Pakistan, Kazakhstan, and Bangladesh, with EBITDA also increasing in these markets.
  • The CEO highlighted the success of digital services in customer retention and ARPU, and discussed strategies for monetization and sustainable growth.

Company Outlook

  • VEON aims for 16-18% revenue growth and 18-20% EBITDA growth in 2024.
  • The company plans to continue focusing on digital services to create standalone businesses.
  • An upcoming Capital Markets Day is scheduled for June 6th in Dubai.

Bearish Highlights

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  • Ukraine operations saw a 14% decline in local currency revenue in Q1 due to a cyberattack.
  • The company incurred a BDT730 million charge on the sale of towers in Bangladesh because of sales tax regulations.

Bullish Highlights

  • Kyivstar in Ukraine is back to double-digit growth post-cyberattack.
  • Jazz in Pakistan sustained strong growth, with revenue and EBITDA increasing by 29% and 27% respectively.
  • In Kazakhstan, total revenues rose by 21%, and in Uzbekistan, Beeline saw a 15% increase in local currency revenue.


  • The cyberattack in Ukraine negatively impacted the financial performance, although the company…

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