Veon Turns To Profit In Q4, Sees Underlying Growth In FY25; To Commence Up To $35 Mln Share Buyback

(RTTNews) - Veon Ltd. (VEON, a Dubai -based telecom and digital services provider, reported Thursday a profit in its fourth quarter, compared to prior year's hefty loss, with growth in revenues.

In its fourth quarter, net profit attributable to shareholders was $81 million, compared to prior year's loss of $3.57 billion.

EBITDA reached $408 million, 11.3 percent higher than last year's $367 million. The growth was 14.1 percent in underlying local currency terms.

Total revenues grew 4.7 percent to $998 million from $953 million last year. Revenues increased 11.1 percent in underlying local currency.

Looking ahead, for fiscal 2025, the company projects underlying EBITDA growth of 13 percent - 15 percent, and underlying local currency growth for total revenue of 12 percent - 14 percent from last year.

Separately, VEON said it will shortly commence the second phase of its previously announced share buyback program regarding its American Depositary Shares. This second phase of the buyback will be in the amount of up to $35 million.

VEON's Board of Directors approved a share buyback program of up to $100 million on July 31, 2024. The second phase is being launched after completion of the $30 million first phase on January 27.

Subsequent phases are expected to be carried out in the same manner, up to the authorized $100 million amount.

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