How is Russia Ukraine Conflict Affecting Veon

Russia and Ukraine War is affecting Ukraine in different ways. Especially, it is badly affecting the telecom companies in the country. VEON Ltd (VEON) is one of the companies that are suffering from the Russia Ukraine conflict. Russia and Ukraine, where Veon operates the Beeline and Kyivstar mobile networks respectively, are the company’s two biggest markets, followed by Pakistan and Kazakhstan.

How is Russia Ukraine Conflict Affecting Veon

VEON stock is trading at $0.58 as of 12:59 PM on Monday, Feb 28, a loss of -$0.22, or -27.75% from the previous closing price of $0.80. The stock has traded between $0.56 and $0.64 so far today. Volume today is high. So far 26,072,234 shares have traded compared to the average volume of 9,655,857 shares.

However, Veon said it has “alternative routes to move cash” after its boss warned that providing full-year guidance would be “irresponsible” in light of Russia’s invasion of the Eastern European country.

“We have alternative routes to move cash in and out of countries,” Veon’s management said in a call, citing “multiple accounts in multiple banks” dealing with different currencies. We are in discussions with our relationship banks from different countries on how we can mitigate any kind of changes in the SWIFT regulation but so far, it is functioning.”

On the other hand, VEON has announced the results for the fourth quarter and full-year ended 31 December 2021. The company reports FY 2021 results with full-year revenue of USD 7,788 million +10.1% YoY in local currency (+6.8% YoY reported currency) and EBITDA of USD 3,332 million +8.9% YoY in local currency (+5.7% YoY reported currency). Full-year CAPEX of USD 1,826 million was in line with 2020, with lower Capex intensity (23.4%) as revenues expanded. Group Net Debt/EBITDA was 2.44x.

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Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.

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