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Veon forecasts medium-term sales, profit acceleration

Veon 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. Reuters

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