In 2023 Kyivstar's turnover exceeded UAH 33 billion

April 7, 2024

The operating profit of Kyivstar for 2023 was UAH 14 billion, the net profit was UAH 10.5 billion.

According to the trading report of Kyivstar's parent company, Veon Holding, Kyivstar's revenue in the fourth quarter of 2023 amounted to UAH 7.9 billion, which is 3.3% lower than in the corresponding period of the previous year. The company's EBITDA also decreased - from UAH 4.5 billion in the fourth quarter of 2022 to UAH 4.2 billion. The total number of the company's customers reduced as well - from 24.8 million last year to 23.9 million.

The cyberattack on Kyivstar, happened at the end of 2023, had a significant impact on the company's operating and financial performance. Also, in order to improve its reputation after the cyberattack, Kyivstar offered its customers one month of free use of some of the company's services (which will impact profitablity of the company's activity in the first quarter of 2024, a preliminary estimate is a decrease in turnover by UAH 2.8 billion).

For the whole Y2023 the turnover of Kyivstar made UAH 33.6 billion (+8% compared to the previous year), EBITDA UAH 19.8 billion (+8%), net profit UAH 10.5 billion (UAH 9.5 billion in 2022).

Kyivstar revenue 2023

The company's capex (according to Veon Holding data) in the reporting year amounted to UAH 6.4 billion (in the previous year - UAH 6 billion), and the balance sheet structure continued to improve. As the company generates significant profits but is unable to pay dividends to shareholders, the amount of cash in its accounts continues to grow.

If as of December 31, 2022, it amounted to UAH 4.7 billion, by December 31, 2023 it was already UAH 7.4 billion, and another UAH 5.7 billion was made up of financial investments (probably in Ukrainian government bonds).

The main source of financing the company's assets is its own equity, which as of December 31, 2023 amounted to UAH 32.5 billion, while Kyivstar almost did not use bank loans in 2023.

The biggest Ukrainian mobile operators revenue:
UAH million 2021 2022 2023
Kyivstar 28 559 31 092 33 588
Vodafone Ukraine 19 359 18 803 20 266
Lifecell 8 483 9 412 11 712

Kyivstar remains the largest in terms of revenue and the most profitable mobile operator in Ukraine. For comparison, the turnover of Vodafone Ukraine (PJSC VF Ukraine) in 2023 was UAH 20.3 billion (UAH 18.8 billion in 2022), net profit UAH 4.7 billion (UAH 1.1 billion).

Lifecell's revenue in 2023 amounted to UAH 11.7 billion (UAH 9.4 billion in 2022), net profit UAH 2.6 billion (UAH 972 million).

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