VEON Ltd. announced its Q3 2024 trading update on November 14, 2024, reporting robust growth with total revenues reaching USD 1,038 million, an increase of 9.8% year-over-year in reported currency and 14.1% in local currency. EBITDA was USD 438 million, a 1.5% decrease in reported currency but a 3.5% increase in local currency, impacted by operational pressures in Bangladesh and restructuring costs.
Direct digital revenues, now comprising 12% of total revenue for the quarter, grew by 35% year-over-year, driven by digital financial services, entertainment, healthcare, advertising, and super-apps. The company added 8 million new 4G subscribers and reached 103 million digital service users, demonstrating rapid expansion and innovation.
For the full year 2024, VEON revised its local currency guidance to 12%-14% YoY growth for total revenue and 9%-11% YoY growth for EBITDA, reflecting the business impact of civil unrest in Bangladesh and the sale of the TNS+ infrastructure asset in Kazakhstan. The company's revenue growth continues to exceed the blended weighted average inflation rate of 8.2% across its markets.
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