Multinational telecoms operator VEON reported that its group revenues improved by 9.2% year-on-year to USD2.065 billion in the second quarter of 2021, helped by accelerating revenue growth in Pakistan, Ukraine, Kazakhstan and Bangladesh. Growth in local currency revenues reached 11.3% y-o-y, including VEON’s largest unit Russia (Beeline) which achieved 2Q21 local currency growth of 6.2% y-o-y. Reported group EBITDA increased by 8.7% y-o-y to USD879 million in April-June 2021, driven by robust local currency EBITDA performance in Ukraine (up 17% y-o-y), Kazakhstan (up 21%) and Pakistan (up 14.5%), while Russia returned to positive local currency EBITDA growth (up 2.2%).
VEON highlighted that the implementation of its investment plans continued, with total quarterly operational CAPEX of USD505 million bringing twelve-month CAPEX intensity to 24.3%, supporting the continued expansion of 4G customer bases. The combined 4G population coverage of the group’s operating companies reached 77% at 30 June 2021, an increase of ten percentage points y-o-y, while the reported consolidated 4G user base increased by around 26 million y-o-y and roughly six million quarter-on-quarter, boosting total 4G users to approximately 93 million and 4G subscriber penetration to 43%. VEON also recorded a q-o-q increase in its total subscribers, up by 900,000 to 214 million. Mobile data revenues increased by 19% y-o-y in local currency terms (17% in reported terms), driven by 4G development.