Veon’s digital growth surges in H1 2024 despite profit decline
Veon has reported steady growth in the first half of 2024, with operating revenue rising by 4.6% to ₽150.9 billion. The company’s EBITDA also climbed by 5.6% to ₽65.1 billion, though net profit fell sharply compared to last year.
The company saw strong performance in key digital areas. Revenue from digital advertising, big data, and AI services surged by 38.8%, while cloud computing and cybersecurity grew by 27.9%. Service sales also increased by 5.5% year-on-year, reaching ₽140.2 billion.
Veon’s first-half results show solid revenue and EBITDA growth, particularly in digital services. However, the sharp drop in net profit highlights the impact of rising costs and unfavourable currency conditions. The company continues to focus on expanding its high-margin digital and iCloud businesses.
