Vodafone Ukraine’s subscription base dropped by half a million in Q1, but revenue still increased

1 Jun 2022

Vodafone Ukraine reported its Q1 2022 results, with costs associated with the war – emergency work on the network, support for the country and customers, mass migration of customers – significantly affecting the dynamics of key financial indicators, but still achieving revenue and operating income growth due to performance in the first two months of the quarter. Three-month revenue amounted to UAH5.2 billion (USD174 million), 10% more than in the same period last year. OIBDA increased by 15% and exceeded UAH2.9 billion, with net profit of UAH515 million.

Following Russia’s invasion of Ukraine, the war has caused mass migration of Ukrainians abroad, with Vodafone Ukraine’s subscription base decreasing by half a million quarter-on-quarter to 18.4 million at 31 March 2022. The net decrease was largely in the pre-paid segment, with post-paid subscriptions remaining at around 2.5 million between end-December 2021 and end-March. Additionally, Vodafone Ukraine reported that 1.6 million of its users registered as active were situated abroad as of end-Q1. In order to help subscribers keep in touch with relatives in Ukraine, Vodafone is providing an affordable roaming service, now available in 27 European countries, whilst to support internal refugees it provides certain free services, which have been used by more than 13 million people. Since the outbreak of war in late-February, Vodafone Ukraine – a subsidiary of NEQSOL Holding – says it has quickly reconnected damaged network segments, maintaining ‘a high level of network stability’, with more than 90% of its sites currently in operation.

Ukraine, Vodafone Ukraine