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VEON performed particularly strongly in Ukraine and Pakistan

International telco, VEON, has posted a strong set of financial results for the second quarter of 2019, with revenues increasing by 7.5 per cent on a year on year basis.

VEON’s service-based revenues increased by 5 per cent year-on-year to $2.08 billion.

“VEON reported a strong first half 2019 with continuing good operational performance. Despite the challenging market conditions, we continue to make steady progress on network performance and distribution optimization. Our strong results in Ukraine and Pakistan ensured a balanced performance for the Group. Our service revenue growth was largely driven by strong growth in data revenue on the back of the continued investment in our data networks in the period. This will remain a key focus for VEON over the medium-term while we explore new ventures in the longer-term,” said Ursula Burns, chairman and CEO of Veon.

VEON said that it will remain focussed on exploring cost saving synergies and reducing its net costs over the course of the next quarter.

“We remain acutely focused on costs not only at the Group level but across all our operations. The improving cost efficiencies we are delivering have allowed a number of our smaller markets to record encouraging incremental profitability for the Group. As we continue to focus on simplifying our structure, we are encouraged by the progress we are making with our restructuring plans,” she added.

Burns also said that VEON’s board of directors was confident of a strong performance in the remaining of 2019, as it approved an interim dividend per share of $0.13.

“Despite some macro and regulatory challenges, we remain optimistic on the medium to long term opportunity that our portfolio presents, and we will continue to focus on driving strong operational performance, while simplifying our portfolio and maximising data opportunities. We have confirmed our guidance for FY 2019,” Burns concluded. 

 

VEON’s Executive Vice President for Digital Content, Nicholas Wodtke will be discussing his copany’s plans for this year at the Total Telecom Congress 2019. Click here for a full agenda and to find out how you can be part of the show.   

 

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