In the first half of 2023, Kyivstar increased revenue and profit

7 August 2023

The revenue of the largest Ukrainian mobile operator in the first half of 2023 amounted to UAH 17 billion.

According to the operational report of Veon Holding - the parent company of Kyivstar, the main owners of which are the businessman under sanctions in Ukraine Mikhail Fridman and his partners - in the first quarter of 2023, the total number of the company's subscribers decreased by 200,000 people compared to the previous quarter, to 24.1 million people .

Despite this, Kyivstar's revenue in the reporting quarter increased by 2% compared to the first quarter of 2023 and amounted to UAH 8.6 billion. Compared to the figure of the second quarter of 2022, Kyivstar's revenue increased by almost 17%.

In general, in the first half of 2023, the turnover of Kyivstar amounted to UAH 17 billion, which is 11.2% more than in the corresponding period of 2022.

The company's EBITDA increased by 6% to UAH 10 billion in the reporting half-year compared to last year.

During the same period of time, investments in the development of the company amounted to UAH 2.2 billion.

Since Kyivstar cannot pay dividends to its shareholders because of currency controls in Ukraine, we expect a significant increase in the amount of cash on the company's balance sheet. As of December 31, 2022, it amounted to more than UAH 4 billion, by the end of 2023 it may amount to UAH 12-15 billion.

Kyivstar and Veon announced a commitment to invest $600 million in the recovery of Ukraine over the next three years (which is equal to Kyivstar's expected profit for 2023).

Regarding indicators of different areas of activity of Kyivstar, currently the number of registered Helsi users is 25.4 million people, the number of Kyivstar TV subscribers was about 1.1 million people, which is 35% more than last year's number.