Kyivstar to Increase Revenue by 11% in 2024, Raising Capital Expenditures by 60.7%

Ukraine's leading mobile operator Kyivstar increased its revenue by 11% last year compared to the 2023 figure, reaching UAH 37.27 billion, while capital expenditure (CAPE) increased by 60.7% to UAH 10.22 billion, according to financial statements provided by parent company VEON.

According to information published on the official VEON website on Thursday, Kyivstar's revenue in the fourth quarter of last year increased by 15.9% compared to the fourth quarter of 2023, to $251 million, and for the whole of 2024 it increased by 12.8% compared to 2023, to $925 million. In hryvnia equivalent, the operator's revenue in the fourth quarter increased by 31.5%, to UAH 10.413 billion, and for 2024 – by 11%, to UAH 37.27 billion. At the same time, revenue from telecommunications services and infrastructure increased by 29.6% in the fourth quarter, to UAH 10.12 billion, and for 2024 – by 9.6%, to UAH 36.39 billion.

Revenue from digital services increased by 170.2% in the fourth quarter to UAH 286 million, and by 122.3% in 2024 to UAH 880 million.

EBITDA in Q4 increased by 2.5% compared to Q4 2023 to $140 million, and decreased by 4.2% compared to 2023 to $518 million in 2024. In hryvnia equivalent, EBITDA increased by 36.9% in Q4 to 5.78. EBITDA margin in Q4 in hryvnia equivalent increased by 2.2 percentage points to 55.6%, and decreased by 2.7 percentage points to 56.1% in 2024.

Capital expenditures in the fourth quarter increased by 65.3% to UAH 4.25 billion, in 2024 – by 60.7% to UAH 10.22 billion.

In the fourth quarter of last year, the number of Kyivstar subscribers decreased by 3.8% compared to the same period last year, to 23 million. The number of 4G users also decreased by 2.8%, reaching 14.5 million. However, the number of multiplay customers — users who subscribe to several telecommunications and entertainment services from one provider — increased by 50.2% to 6.1 million.

“The decline in 4G users, driven by a general decline in mobile customers and growth in roaming users, was more than offset by a 19.9% year-on-year increase in data consumption per user, supported by new customer value propositions that increased user engagement,” VEON said in its financial report.

At the same time, the number of digital MAU (monthly active users of Kyivstar digital services) increased by 29.6% to 10.6 million. The company's ARPU (average revenue per user) increased significantly, increasing by 34.5% to UAH 136 in the fourth quarter, while MOU (minutes of use) decreased by 1.7% to 298 minutes. Average mobile internet consumption per user increased by 19.9%, reaching 11.2 GB during this period.

In addition, Ukraine's largest digital healthcare platform Helsi Ukraine continued to expand. In Q4 2024, the number of registered patients on the platform increased by 5% to 28 million, and the number of active medical institutions increased by 3% to 1,600. The number of registered medical specialists on the platform also increased by 5%, reaching 39,000. The total number of mobile app downloads was 9.2 million, and 2.4 million appointments were booked through the platform, which is 8% more than in the previous year.

Kyivstar’s TV service also showed significant growth. Kyivstar TV’s average monthly audience in 2024 increased by 54.8% compared to 2023, reaching 2 million users. Increased demand for premium content, as well as new features such as content downloads, multi-profile access, and personalized recommendations, further increased user engagement, according to VEON’s financial statements.