Millicom Q3 revenues climb 1.6% to USD1.5bn

25 Oct 2017

Millicom International Cellular (MIC), which offers mobile services throughout Africa and mobile/cable broadband in Latin America under the Tigo and Tigo Star banners, has reported quarterly revenue of USD1.5 billion for the three months ended 30 September 2017, up 1.6% year-on-year. EBITDA, meanwhile, climbed 3.9% to USD556 million in Q3 2017, while MIC recorded a net profit of USD20 million for the three months under review.

In operational terms, MIC reported that its Latin America mobile user base climbed 2.2% on an annualised basis, to reach 31.687 million at 30 September. LatAm 4G customers surged 117.3%, from 2.587 million to 5.622 million, while the number of HFC RGUs jumped 16.6% to 4.204 million. African mobile subscribers dropped 3.9%, to 17.111 million, excluding the discontinued Senegalese unit, which is classified as ‘held for sale’, and the Ghanaian unit, which recently received approval to merge with Airtel Ghana. MIC’s consolidated African operations now comprise Tanzania (including Zantel), Chad and Rwanda and represents less than 10% of the group’s revenues and EBITDA.

MIC CEO Mauricio Ramos said: ‘Over the past two years, we have accelerated the deployment of our high-speed data networks, both mobile and fixed, and our efforts are starting to pay off. Growth is coming back, and we are seeing positive momentum in our largest markets. In LatAm, I am particularly pleased with our performance in Paraguay, Bolivia, and Guatemala. In these three countries, revenue growth in our ‘Home’ unit exceeds 20%, and B2C Mobile is growing again. In Colombia, we continue to make the investments needed to drive sustainable and profitable growth over the medium to long term. In Africa, we made progress toward our strategic goals by merging our business in Ghana with Airtel’s to create a strong and viable operation.’

Luxembourg, Millicom International Cellular (MIC)