Veon CEO Kaan Terzioglu (pictured) highlighted gains across all of the company’s operations during Q3, citing an expansion of its 4G customer base as a key driver.
In the company’s earnings statement, Terzioglu explained its performance was boosted by a 24.7 million year-over year rise in 4G subscriptions to 93.8 million, representing 46 per cent of the company’s total customer base.
This “ongoing 4G focus” contributed to an 18.8 per cent rise in mobile data revenue, predominantly in Pakistan, Kazakhstan and Bangladesh.
Terzioglu explained 4G subscriptions are “the fundamental building block” of Veon’s current and future growth “as we execute on our digital operator transformation”.
Users of the technology deliver “significantly” higher ARPU and lower churn, the Veon chief explained.
Terizoglu also cited Veon’s Beeline Russia operation as “a significant contributor”, with revenue up 8.2 per cent and a 4.5 per cent hike in mobile services. The CEO highlighted progress in assessing the value of its infrastructure assets and a recent deal to sell its Russian towers [1] as vital steps in its move towards “an asset-light model while maintaining our competitiveness”.
Veon’s net income attributable to shareholders of $145 million compared with a $620 million loss in Q3 2020.
Revenue grew 10.2 per cent to $2 billion.
[1] https://www.mobileworldlive.com/featured-content/top-three/veon-sells-its-russian-towers-for-970m
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