VEON Ltd. (VEON) is an international-level provider of connectivity and digital services. The company’s goal is to empower client ambitions via technology, 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 early trading on February 28, 2022, was last checked to be $0.63 with a decline of 21.6%.
VEON: Events and Happenings
On February 28, 2022, VEON updated the details related to its Group GEC pioneer incentive plan. On February 28, 2022, VEON reported its MobileID verification system had gained noteworthy user, operator, and digital business provision in its bid to become an international standard and swap verification via socializing networks.
VEON: Key Financials
On February 28, 2022, VEON released its financial statement for the fourth quarter ended 31 December 2021. Some of the notable points are discussed below.
Revenue
Revenue in Q4 2021 was $2.05 billion +11.1% YoY in local currency (+12.2% YoY reported currency) against $1.82 billion in the same quarter of 2020. The company observed a gain in its total revenue over the year.
Net Income/Loss
Net income in Q4 2021 was $801 million versus a net loss of $315 million in the same quarter of the previous year. The company observed a significant incline in its net income over the yearly period.
On February 24, 2022, VEON announced its Always-on network service providing a facility that allowed online financial applications to continue even at the time of the suspension of mobile communication services. On February 17, 2022, the company was informed about the entry of its subsidiary into a RUB 30 billion (up to $400 million) seven-year period loan with VTB Bank. VEON Holdings B.V. is guaranteeing the loan.
On February 3, 2022, VEON discussed its intention to move the parent company of its group to the UK. On December 27, 2021, the company reported its Russian Beeline mobile operator collaborated with Yandex. Plus to launch their initial joint tariff plan.
Conclusion
VEON stock down-performed by 63% from the past six months as the global economic condition is poor due to the pandemic. The company’s stock declined in the recent premarket despite it posting a strong quarterly result due to the ongoing Russia-Ukraine conflict. VEON is one of the biggest mobile operators in Ukraine.
