Veon hails digital drive, forex hits Q4 earnings - Mobile World Live

Veon hails digital drive, forex hits Q4 earnings

18 FEB 2021

Veon’s executive team highlighted progress towards pushing digital services across its operations in its Q4 2020 results statement, where the company reported drops in revenue and profit on adverse currency movements.

Discussing Veon’s performance across 2020, co-CEO Sergi Herrero (pictured, left) said the operator group had progressed a strategy of creating individual digital businesses focused on fintech, advertising technology and entertainment.

He added the areas were an “immense opportunity” and “a key driver of the long-term growth prospects for our group.”

Veon highlighted Pakistan financial services offer JazzCash increased its monthly active users by 67 per cent year-on-year in Q4, ending on 12.2 million; alongside a jump in viewers for its Toffee TV in Bangladesh and Russia-focused Beeline TV.

Co-CEO Kaan Terzioglu (pictured, right) pointed to progress in Russia on both digital and improving network quality in the market.

In Q4, however, the company booked declines in revenue and profit, attributed to negative foreign exchange movements.

Revenue dropped 11 per cent to $2 billion with net profit down almost 28 per cent to $35 million. It added using constant currency terms it would have reported a small increase in revenue.



Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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