VEON Ltd. (VEON) is providing connectivity and digital services on a global scale. Its aim is to client ambitions empowerment utilizing suitable technological solutions, acting as a digital concierge to direct their choices and link them with resources that equate to their requirements.
The price of VEON stock during the regular trading of March 10, 2022, was $0.35 with a drop of 8.63%. At the last of the premarket session of March 11, 2022, it’s stock inclined by 14.8%.
VEON: Events and Happenings
On March 11, 2022, VEON updated that its subsidiary had prepaid to VTB Bank, its RUB 30 billion interest-bearing loans concerning its conditions, and the service had been voided. The reimbursement and annulment following appropriate sanctions.
On March 8, 2022, VEON announced that Robert Jan van de Kraats had stepped down as the company’s director of the Board effective from March 7, 2022, due to personal reasons. On March 3, 2022, VEON reported about its nomination at the Global Mobile Awards 2022 as the Best Mobile Operator Service for Connected Clients for its MobileID platform.
On March 1, 2022, VEON informed the press that Mikhail Fridman had stepped down from the post of the company’s director of Board effective February 28, 2022. On March 1, 2022, VEON reported the intent to share accessibility to its Augmented Intelligence Platform capacities with the global community of mobile operators.
VEON: Key Financials
On February 28, 2022, VEON issued its unaudited financials for Q4 2021 ended 31 December 2021. Some of the key highlights are mentioned here.
Revenue
Revenue in the fourth quarter of 2021 was $2.05 billion +11.1% year on year in local currency versus $1.82 billion in the comparable quarter of 2020. The company observed a considerable gain in its revenue YoY.
Net Earnings
Net income in the fourth quarter of 2021 was $801 million against a net loss of $315 million in the comparable quarter of 2020. The company noted a considerable gain in its net earnings YoY.
Conclusion
VEON stock dipped to a new low of 82% in the past six months. The recent premarket hike in the stock price is the direct impact of the conclusion of the repayment of the loan to VTB bank.
