Veon aims for core profit growth of 19% to 22% in 2023 to 2027 (updated)

VEON

06/06/2024 06:32

(Adds details)
       June 6 (Reuters) - Veon  VON.AS , the owner of Ukraine's
mobile operator Kyivstar, expects sales and core profit to
accelerate in the medium term, as it captures opportunities in
emerging markets, the company said on Thursday, ahead of its
capital markets day. 
    The Amsterdam-listed group sees 19% to 22% compound annual
growth (CAGR) in core profit (EBITDA) in local currency in the
years from 2023 to 2027, from 14.8% since 2021. 
    "Over the past three years, we have transformed our
companies into digital operators and demonstrated that emerging
markets are in fact an exciting growth opportunity for global
investors," CEO Kaan Terzioglu in a statement.
    In October last year, Veon exited Russia, a market that had
generated roughly half its sales, after EU sanctions led to
resignations of some board members.
    Now it focuses on providing telecom services in emerging
markets such as Ukraine, Pakistan, and Kazakhstan, and recently
signed a partnership to expand online AI materials for
under-served languages. 
    Veon added that it expected medium-term sales growth of
16%-19% in local currency, and wants to cut the share of debt in
foreign currencies, such as euros and dollars, to below half. 

 (Reporting by Olivier Sorgho; Editing by Clarence Fernandez)
 ((Olivier.Sorgho@thomsonreuters.com;))