VEON’s Q3 revenues jump 10%, driven by Russia, other markets

28 Oct 2021

Consolidated revenue at multinational telecoms group VEON improved by 10.2% year-on-year in Q3 2021 to USD2.005 billion, driven by growth of 8.2% in Russia, 13.0% in Pakistan, 11.9% in Ukraine, 25.5% in Kazakhstan and 7.2% in Bangladesh. Quarterly EBITDA was USD889 million, up 8.6% y-o-y, driven by EBITDA growth in Russia (1.9%), Ukraine (11.4%) and Kazakhstan (36.7%). Net income for the period reached USD195 million, compared to a USD645 million loss in 3Q20 (net income includes the contribution from discontinued operations, including Algeria [Djezzy] which is currently accounted for as an asset held for sale).

Group CAPEX of USD381 million in July-September 2021 supported the continued expansion of VEON’s group 4G subscription base, which increased by 24.7 million y-o-y and 7.0 million quarter-on-quarter to 93.8 million, corresponding to 4G subscription penetration of 46%. The Group also recorded a 3.2 million q-o-q increase in its total subscriptions in 3Q21 to 202.9 million. Beeline Russia reported local currency mobile service revenue growth of 4.5% and added half a million mobile subscriptions in the most recent quarter to reach a total of 50.6 million (up 1.7% y-o-y). Group mobile data revenue increased by 18.1% y-o-y with noteworthy contributions from Pakistan (up 25.5%), Kazakhstan (40.3%) and Bangladesh (32.0%).

Bangladesh, Kazakhstan, Pakistan, Russia, Ukraine, Banglalink, Beeline (Russia), Jazz, KaR-Tel (Beeline), Kyivstar, VEON