VEON’s Q3 revenue climbs 4.0%

10 Nov 2017

Total revenue at the VEON (formerly VimpelCom) group increased by 4.0% year-on-year to USD2.456 billion in the quarter ended 30 September 2017, driven by strong mobile operator results in Russia (Beeline), Pakistan (Jazz), Ukraine (Kyivstar) and Uzbekistan (Beeline), partially offset by continued revenue pressure in Algeria (Djezzy) and Bangladesh (Banglalink). Consolidated three-month EBITDA increased 16.4% year-on-year to USD1.042 billion, mainly driven by a one-off adjustment to a vendor agreement; underlying EBITDA increased 3.5% organically to USD993 million. Q3 2017 net profit attributable to VEON shareholders was USD125 million (compared to USD445 million in 3Q16). Consolidated mobile customers (excluding VEON’s Italian joint venture Wind Tre) increased 2.3% y-o-y to 211 million at end-September 2017.

At VEON’s Russian (Beeline) division, revenues jumped 12.7% y-o-y to USD1.229 billion in 3Q17, accounting for a fraction over 50% of total sales, whilst Russian EBITDA climbed 15.7% to USD479 million (46% of group EBITDA). Russian mobile subscriber accounts reached 58.845 million at 30 September 2017, up by 520,000 quarter-on-quarter, whilst the fixed network division added less than 5,000 Russian broadband customers in three months for a total of 2.201 million (99.4% connected via fibre-to-the-building [FTTB]).

Netherlands, Russia, Beeline (Russia), VEON