VEON Clocks 6% Top-Line Growth In Q2

VEON Ltd VEON reported second-quarter FY22 revenue growth of 5.6% year-on-year to $2.01 billion.
Total service revenue grew 7.1% Y/Y to $1.89 billion. Mobile data revenue rose 11.6% Y/Y.
The 4G subscribers increased 19.2% Y/Y to 101.9 million.
The 4G subscriber base penetration expanded 690 bps to 50%.
The EBITDA margin expanded 300 bps to 45.4%.
The net income improved 43.5% Y/Y to $183 million.
VEON held $2.3 billion in cash and equivalents
Commenting on results, Kaan Terzioğlu said, "This quarter, our 4G users reached 50% of our customer base, moving closer to our target of 70% 4G penetration. More subscribers, higher 4G penetration, and more digital services, together with inflationary pricing and good cost management, are driving solid revenue and EBITDA performance across our countries."
Price Action: VEON shares traded higher by 6.99% at $0.50 in the premarket on the last check Thursday.

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