
28 Apr 2022
VEON publishes Q1 2022 trading update Protecting stakeholder value delivering continued local currency growth across our operations
Amsterdam (28 April 2022) - VEON Ltd. (VEON) announces a trading update for the first quarter ended 31 March 2022, including selected financial and operating results:
VEON ended 1Q22 with revenue of USD 1,823 million, 9.8% YoY in local currency (-0.4% YoY in reported currency) and EBITDA of USD 775 million, 5.7% YoY in local currency (-4.0% YoY in reported currency). Group capex was USD 367 million (-6.2% YoY), with capex intensity of 23.2%, -2.2 p.p. YoY. Group net debt/EBITDA was 2.4x.
Commenting on results, Kaan Terzio lu said:
I am proud of how our teams are tackling the current challenges and ensuring service and business continuity, keeping our 220 million customers across nine countries connected. Our commitment to provide access to information and other vital digital services is intact in these character-building times. The solid results we are reporting today illustrate our operational and financial discipline. We continue to enjoy high-single-digit growth and we have improved our capital structure.
1Q 2022 highlights:
Revenue of USD 1,823 million, 9.8% YoY in local currency (-0.4% YoY reported currency)
EBITDA of USD 775 million, 5.7% YoY in local currency (-4.0% YoY reported currency)
Capex of USD 367 million, -6.2% YoY, capex intensity of 23.2%
Total cash USD 1.904 million, with USD 1,304 million at Headquarters (additional USD 692 million in committed undrawn credit lines)
206 million mobile subscribers, up 3.9% YoY
8 million 4G users, up 24.3% YoY
Net debt/EBITDA ratio of 2.4x
Current ratio (Current assets/Current liabilities) of 1.11x
Group revenue increased by 9.8% in local currency terms (-0.4% in reported currency). All our operating companies delivered YoY revenue growth in local currency terms. Strong growth in data revenue, up 17.1% in local currency terms ( 7.1% in reported currency), was a key driver of strong Group revenue performance.
Ukraine revenues increased 15.1% YoY in local currency ( 12.7% in reported currency) a good result given the ongoing conflict in the country. For March 2022, Ukraine reported revenue of UAH 2.8 billion ( 16.7% YoY), with service revenue of UAH 2.7 billion ( 16.7% YoY). This performance was driven once again by continued growth in Kyivstar's 4G customer base, which increased 30.7% YoY. Mobile revenue growth was also supported by higher roaming revenues, which increased 3.0x YoY.
Russia reported 1Q22 revenue growth of 5.6% YoY in local currency (-6.9% YoY in reported currency). The average March exchange rate used for consolidation was 104.1 ruble per dollar, impacting reported numbers. 1Q22 mobile service revenue was up 3.3% YoY and fixed-line service revenue was up 8.2% YoY in local currency. For March 2022, Russia reported revenue of RUB 24.9 billion ( 3.6% YoY), with service revenue of RUB 22.2 billion ( 3.7%).
Pakistan revenue increased 9.1% YoY in local currency (-2.6% YoY in reported currency) driven by strong growth in data revenue, notwithstanding the increase in withholding tax from 10% to 15% on 16 January 2022 and the reduction in mobile termination rates.
In Kazakhstan revenues increased 20% YoY in local currency ( 10.6% in reported currency), another excellent performance especially taking into account the unrest in January 2022. For January 2022, Kazakhstan reported revenue of KZT 20.4 billion ( 15.6% YoY), with service revenue of KZT 19.7 billion ( 15.0% YoY).
Group 1Q22 EBITDA rose by 5.7% in local currency terms (-4.0% in reported currency) and we reported positive local currency EBITDA performance across all markets. In Russia, EBITDA increased 2.8% YoY in local currency (-9.3% in reported currency), marking the fourth consecutive quarter of growth. Excluding the impact of charitable donations and employee support, in Ukraine Kyivstar's EBITDA grew 9.3% YoY in local currency and in Kazakhstan, Beeline's EBITDA grew 16.5% in local currency. Excluding these extraordinary costs, Group EBITDA increased 7.3% YoY in local currency. We remain focused on implementing planned cost efficiency measures across the business.
We reported healthy growth of 3.9% YoY in our 1Q22 subscriber base. The Group continued to focus on the overall customer experience on our 4G networks. This supported the growth in our 4G subscriber base, which reached 100.8 million, adding an additional 19.7 million users over the past 12 months. 4G subscribers now account for 48.8% of our total subscriber base, up 8.0 p.p. from a year ago.
Our financial service business in Pakistan, JazzCash, ended the quarter with 15.7 million MAUs, a rise of 12.2% YoY. In Bangladesh, Toffee TV reached 6.3 million MAU ( 86.9% YoY) in 1Q22. Our digital operator in Kazakhstan, izi', ended the quarter with 101,000 subscribers, an increase of 87% YoY.
Group capex was USD 367 million with capex intensity of 23.2%, driven in particular by increased network investments in Bangladesh and Pakistan in line with our growth strategy. On 12 April 2022, Jazz signed a core 4G license renewal with the Pakistan Telecommunication Authority, for a fee of USD 486.2 million for a duration of 15 years, with 50% paid upfront and the balance over five years. Fifty percent of the fees (PKR 44.54 billion, equivalent to USD 243.1 million) was settled before signing in April 2022. On 31 March 2022, Banglalink acquired new spectrum in the 2300 MHz band for USD 205 million, payable in installments over 11 years, doubling the company's spectrum holding. We believe this investment will continue to support Banglalink's ambitious nation-wide 4G growth strategy. We closed the quarter with total cash of USD 1.9 billion, with a further USD 0.7 billion in undrawn revolving credit facilities. All our operations are in
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
03/06/2026
Anthony James Partners (AJP) is serving as technology consultant for a moderniza...
03/06/2026
Audio-Technica has announced the recipients of its annual sales rep firm awards for the 2025-26 fiscal year. The awards were presented by Jim Schanz, Executive ...
03/06/2026
iodyne will exhibit at Cine Gear Expo 2026 alongside RED Digital Cinema and Adob...
03/06/2026
The broadcaster will deploy 39 cameras for game coverage, six cameras for studio...
03/06/2026
The 2026 FIFA World Cup is providing a great opportunity for not only Fox Sports...
03/06/2026
Sony Electronics is introducing the SRG-AS10, a 4K 60p compatible PTZ Auto Framing camera that uses Sony's proprietary AI to automatically recognize and tra...
03/06/2026
Game Creek Video's Flagship A, B, C, and D unit will wind up its first year ...
03/06/2026
According to Caretta Research, the sports-rights market may be hitting the brake...
03/06/2026
Retrieval still courtesy of Tribeca.
By Jessica Herndon
This year, the Tribeca...
03/06/2026
Step sequencer-style panning tool revealed
Alongside their flagship self-titled sound-design platform, Sound Particles offer an array of creative effects an...
03/06/2026
Now features full H90 algorithm library
Eventide have announced the upcoming launch of the H9 Harmonizer Gen 2, a new and improved version of their hugely p...
03/06/2026
Significant discount available until 1 October 2026
Aim Audio have just announced a promotion that sees a significant discount applied to their Essence micr...
03/06/2026
Clarification: SBS's position on definitions of antisemitism
3 June, 2026
Media releases
Statement by Mandi Wicks, SBS Director of News and Current Aff...
03/06/2026
Rohde & Schwarz to supply CERTIUM advanced communications system to Memmingen Ai...
03/06/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
For more than three decades, Re-recording Mixer Andrew Wilson, AMPS, CAS, has helped bring the natural world to the screen with exceptional audio enjoyed by mil...
03/06/2026
Telestream, a global leader in media workflow technologies, will showcase its latest innovations for modern AV production environments at InfoComm 2026 (Booth N...
03/06/2026
DPA Microphones will present a comprehensive portfolio of integrated audio solutions designed to meet the evolving needs of today's professional AV environm...
03/06/2026
Lightware announces the GVN-HC-TX220AP, a new transmitter in the Gemini GVN 1G AV-over-IP family that introduces full-featured USB-C for professional 1Gb AV-ove...
03/06/2026
Evergent, the customer management and monetization leader for streaming and digital subscription businesses, and Minno, the global leader in faith-based content...
03/06/2026
Alfalite, Europe's only LED display manufacturer, has completed a new broadcast installation with the deployment of two UHD Finepix 1.5 MATIX AlfaCOB LED di...
03/06/2026
Broadcast Solutions, a leading systems integrator and provider of innovative solutions for the broadcast media industry, is completing a contract to build eight...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/06/2026
Creamsource, known for its tried-and-true Vortex Series of cinematic lighting, has announced the Vortex2 (V2) and Vortex2 Soft (V2S), two compact additions to t...
03/06/2026
Do not read this media release! Andy Lee's smash-hit show returns to ABC thi...
03/06/2026
Faster, More Flexible AI Matting Fuels Boris FX Silhouette
Jessie Electa Petrov June 2, 2026
0 Comments
The 2026 release helps artists tackle complex ...
03/06/2026
La T l 's National League Hockey Expansion Powered by Blackmagic Design
Brie Clayton June 2, 2026
0 Comments
Blackmagic Videohub 120 120 12G provi...
03/06/2026
ZY Optics to Offer Exclusive First Look at Zone T1 Cine Kit at Cine Gear Expo 20...
03/06/2026
Berklee Alumni St. Vincent and Ruby Plume to Perform Together on St. Vincents 20...
03/06/2026
Built Different: Inside Colossal Biosciences & the Big Bet to Make Extinction Reversible Published on Jun 3, 2026 Categories: Featured News
LinkedIn Corpor...
03/06/2026
At CVPR, NVIDIA is unveiling new physical AI agent skills that help researchers ...
03/06/2026
What makes a robot gripper useful isn't that it can pick up one object - it&...
03/06/2026
RT has today announced Heineken 0.0 as the broadcast sponsor of their FIFA World Cup 2026 coverage.
The sponsorship, brokered by Dentsu, will see Heineken 0....
02/06/2026
Tennis Channel has completed a transition from satellite-based distribution to a...
02/06/2026
Daktronics has announced the 2026 High School Video Summit, a two-day educational event for high school educators and student production teams, taking place Jun...
02/06/2026
Fandango will bring Telemundo's live Spanish-language coverage of the FIFA W...
02/06/2026
All Women's Sports Network (AWSN) has announced the live television schedule...
02/06/2026
Spalk, a cloud-based multilingual commentary and production platform, has announced three new partnerships: Ligue 1 (English and Portuguese highlights), Eurolea...