AMSTERDAM - VEON (NASDAQ:VEON) Ltd. (NASDAQ:VEON, Euronext Amsterdam: VEON), a leading global digital operator, has announced its financial results for the first quarter ended March 31, 2024.
The company reported a revenue of $942 million, marking a 6.6% increase compared to the same period last year. This growth is more pronounced in local currency terms, with an 11.6% year-over-year (YoY) increase. Adjusted EBITDA for the quarter was relatively stable at $386 million, a slight 0.2% YoY growth (+5.1% YoY in local currency).
Capital expenditures (capex) for the quarter were reported at $125 million, showing a significant 38.6% increase from the previous year, while the last twelve months' capex intensity was 18.3%. The company's total cash and cash equivalents stood at $632 million, with $261 million held at the headquarters level. VEON's gross debt decreased by $2.0 billion YoY to $3.7 billion, with net debt excluding lease liabilities at $2.0 billion.
For the full year 2024, VEON maintains its guidance for revenue growth of 16-18% and EBITDA growth of 18-20% in local currency, reflecting strong operational execution. The company has also maintained its guidance for capex intensity at 18-19%.
Kaan Terzioğlu, VEON's CEO, commented on the results, stating, "I am pleased to see balanced organic performance in all our markets, reflecting our ability to serve our customers with digital solutions in finance, entertainment, healthcare, education, and enterprise services." He highlighted the company's success in leveraging customer acquisition and engagement capabilities to meet the growing demand for digitalization. Terzioğlu also expressed enthusiasm for the continuation of the company's growth trend.
VEON's strong performance in the first quarter and its steady guidance for the full year reflect the company's successful strategy execution and its ability to adapt to the increasing digital needs of its markets. The company served a total of 111 million monthly active users across its digital services in March 2024, indicating a robust customer engagement with its high-quality digital experiences.
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