VEON’s organic sales growth reaches 7.5% in Q2

1 Aug 2019

Multinational telecoms group VEON reported that its total revenues in the second quarter of 2019 increased by 7.5% organically (in local currencies) year-on-year, with service revenue increasing 5.0% organically, driven by particularly strong performances in Ukraine (Kyivstar) and Pakistan (Jazz). Organic data revenue growth continued robustly, at 22.7% year-on-year, including Ukraine (up 77%), Pakistan (up 59%) and Bangladesh (up 28%) on the back of ongoing 4G LTE investments. In reported currency, however, the group’s total revenue was down 0.4% in the three months to the end of June 2019 to USD2.261 billion (including Russia [Beeline] revenue of USD1.124 billion), although an improvement on the 5.6% decline in the first quarter of the year as currency headwinds slowed. Reported 2Q19 service revenue dropped 2.6% y-o-y to USD2.080 billion. Reported quarterly consolidated EBITDA grew by 16.1% y-o-y to USD994 million.

Netherlands, VEON