Veon reveals Capex, revenue, Opex during third quarter

Telecom operator Veon announced its Capex, revenue and Opex during the third quarter of 2022.
VEON revenue and Capex in Q1 2020Veon’s revenue rose 3.6 percent to $2.077 billion.

Veon’s service revenues increased 7.9 percent to $1.968 billion. EBITDA was $889 million.

Capex of Veon rose 6 percent to $404 million. Veon’s Capex intensity of 21.6 percent was 3.6 p.p. lower than last year. Capex was driven in particular by increased network investment in Ukraine, Kazakhstan, Bangladesh and Uzbekistan, in line with our growth strategy.

“In the third quarter we demonstrated once again the resilience of VEON Group, as our focus on 4G penetration and the digital operator strategy delivered growth despite macroeconomic and geopolitical challenges,” Veon’s CEO Kaan Terzioglu said in its earnings report.

Veon’s 4G user-base increased 15.1 percent to 107 million, reaching 52.7 percent of our customer base, moving closer to target of 70 percent 4G penetration. Veon has added 14.1 million 4G customers over the previous 12 months.

Veon’s mobile subscribers increased 0.8 percent to 203 million.

This supported the 15.1 percent YoY increase in our 4G users, which reached 107.1 million, with

Veon said its multi-play customer base rose 24.5 percent to reach 33.4 million during 3Q22. Multiplay customer ARPU is 4.3 times higher and churn is 2.4 times lower than single play voice-only customers, Veon said.

Veon’s JazzCash, its financial services business in Pakistan, ended the quarter with 16.7 million MAUs, an increase of 20.

Toffee, streaming business in Bangladesh, achieved the 7.0 million MAUs milestone (+11.0 percent) with 3.3 million average daily users (+55.1 percent) in 3Q22.