VEON’s Q3 sales down 5.7% on currency effects; organic growth reported at 2.9%

8 Nov 2018

The VEON group reported 2.9% year-on-year ‘organic’ revenue growth for Q3 2018 – excluding effects of foreign currency movements and other factors such as mergers, acquisitions, disposals and business liquidations – led by solid performances from Russia (Beeline), Pakistan (Jazz) and Ukraine (Kyivstar). Foreign exchange movements impacted total reported revenue, however, with consolidated Q3 sales decreasing by 5.7% y-o-y to USD2.317 billion, largely due to currency headwinds of USD289 million. The group highlighted strong underlying data revenue growth across emerging markets: data revenue (local currency terms) grew by 28.5% y-o-y in the quarter ended September 2018, led by Ukraine (82.1%), Pakistan (79.3%) and Algeria (Djezzy, 71.8%) following high investment in 4G LTE mobile networks. Reported EBITDA decreased by 18.7% to USD848 million in 3Q18, impacted by currency headwinds of USD122 million.

Consolidated mobile customers across the VEON group remained stable (up 0.1% y-o-y) at 211 million at end-September 2018, whilst fixed broadband customers climbed from 3.5 million in 3Q17 to 3.7 million twelve months later.

Netherlands, Russia,VEON (formerly VimpelCom),



Have feedback, corrections, or story ideas? Send them to

Browse Past Issues


Filter CommsUpdate by the following categories or use the search.


Visit our help page information on performing advanced searches, including how to restrict the results by country or company.


CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.