VEON Reports Upbeat Q3 2023 Results, Surpasses Revenue and EBITDA Expectations

Amsterdam-based telecommunications provider VEON Ltd. VEON has released a robust third-quarter trading update for 2023. The company revealed a significant rise in its financial figures, marking a successful period by exceeding its revenue and EBITDA forecasts. Impressively, VEON has also achieved a substantial milestone by officially completing its exit from the Russian market.

Q3 Performance Highlights

For the third quarter of 2023, VEON posted USD revenues of $945 million, a notable increase of 6.1% compared to the same period last year. This growth is even more pronounced in local currency terms, with a surge of 19.3% year-over-year. Service revenues have similarly impressed, reaching $913 million, which represents a 6.9% rise year-over-year (19.8% in local currency).

Continuing the trend of positive financial health, the company reported an EBITDA of $444 million for the quarter, demonstrating a strong 17.0% year-on-year growth (30.6% in local currency terms). The cost-optimization and operational efficiency measures instituted by VEON appear to be delivering tangible benefits.

Operational Efficiencies and Market Exit

Capital expenditures (Capex) for VEON were reported at $131 million, displaying a decrease of 29.8% compared to the previous year. This strategic reduction in Capex is aligned with the company's focus on creating a more streamlined and financially robust operation. Furthermore, VEON successfully completed its exit from the Russian market, a move that signifies the company's proactive approach to navigating geopolitical challenges and reshaping its global presence.

With these significant enhancements in its key financial metrics and strategic operations, VEON Ltd. VEON is raising its full-year revenue and EBITDA guidance, foretelling a bullish outlook for the remainder of the year. Investors and stakeholders are greeted with encouraging signs of the company's ability to adapt and thrive amidst a dynamic and challenging market landscape.

VEON, Revenue, EBITDA