Veon CEO Kaan Terziouglu outlined the resilience of the operator group despite unprecedented geopolitical challenges, pointing to continued success of its digital strategy which contributed towards revenue and profit gains in Q2.

In an earnings statement, Terzioglu noted Veon’s LTE focus and digital operations continued to deliver growth, with 4G users reaching 50 per cent of its entire customer base, closing in on a wider 70 per cent penetration target.

Terzioglu explained more subscribers, higher 4G penetration and increased digital services, coupled with inflationary pricing and good cost management was driving “solid” revenue across its operating countries.

Revenue reached $2 billion, a 5.6 per cent year-on-year increase, while net income rose 43.5 per cent to $183 million. In total, the company ended the period with 204 million mobile subscribers, up 2.7 per cent, 102 million of which were 4G.

Veon’s revenue increased across most of its markets, including Russia, Kazakhstan and Uzbekistan.

Sales in Ukraine slipped 2 per cent as Veon continues to attempt to keep the country connected during the war with Russia. In Pakistan, revenue decreased 12.1 per cent due to the negative impact of tax implications and a reduction in mobile termination rates.