Vodafone Ukraine ups profit 4.6 times to UAH 5.1 billion, ups revenues by 9% to UAH 21.6 billion in 2023

In 2023, the Vodafone Ukraine mobile operator (PJSC VF Ukraine, Kyiv) increased its net profit 4.6 times, or by UAH 3.973 billion, to UAH 5.073 billion compared to 2022.

This is stated in the company's message, Ukrainian News Agency reports.

"The increase in profits by 5 times compared to 2022 is due to the stabilization of the hryvnia in 2023 and a decrease in losses from exchange rate differences due to the NBU's currency policy under martial law (from July 21, 2022, the NBU fixed the exchange rate of the US dollar to the hryvnia, only on October 3, 2023, the transition to the mode of managed flexibility of the exchange rate was made), reducing the impact of impairment of assets in uncontrolled territories, obtaining discounts from partners and increasing business efficiency," the statement said.

During this period, the operator's income increased by 9%, or by UAH 1.786 billion, to UAH 21.61 billion.

It is also reported that OIBDA (analytical indicator, which means Operating Income Before Depreciation and Amortization) increased by 13% to UAH 12.689 billion, and OIBDA margin was 58.7%.

Capital investments in 2023 amounted to UAH 5.659 billion, which is 58% more than in 2022.

"At the end of the year, 15.9 million people used Vodafone services in Ukraine, which is 3.2% more than in 2022. More than 2 million Vodafone customers remain abroad and continue to use Vodafone services at Ukrainian tariffs," the report said.

As Ukrainian News Agency earlier reported, in 2022 Vodafone Ukraine decreased its profit by 3.5 times to UAH 1.1 billion, reducing its income by 2% to UAH 19.8 billion.

In March 2020, Vodafone (UK) signed a partnership agreement with the Vodafone Ukraine mobile operator to continue using the Vodafone brand in the work of the Ukrainian society for the next 5 years.

On December 3, 2019, Bakcell (Azerbaijan) completed the purchase of the Vodafone Ukraine mobile operator from the MTS telecommunications company for USD 734 million.

Bakcell is part of the NEQSOL Holding group of companies, the founder of which is the Azerbaijani Nasib Hasanov.