MIC FY17 revenues up 0.8% to USD6bn; LatAm 4G users surge 101%

7 Feb 2018

Millicom International Cellular (MIC), which offers mobile and cable broadband in Latin America under the Tigo and Tigo Star banners, and mobile services in selected African markets, has reported annual revenue of USD6.0 billion for the twelve months ended 31 December 2017, up 0.8% year-on-year. EBITDA, meanwhile, increased 3.6% on an annualised basis, to reach USD2.2 billion in FY 2017. Finally, the group recorded a net profit of USD85 million for the year under review, compared to losses of USD32 million in 2016 and USD559 million in 2015. All figures exclude Senegal and Ghana, which are classified as ‘discontinued operations’, MIC notes.

In operational terms, MIC reported that its Latin America mobile user base jumped 3.3% on an annualised basis, to 31.911 million, while LatAm 4G subscribers surged 101.1%, from 3.432 million to 6.902 million. In the fixed segment, the number of HFC cable connections increased 12.2%, to 2.329 million. Across its African operations, meanwhile, MIC booked a 1.0% decrease in mobile subscriptions to 17.467 million (excluding Senegal and Ghana).

MIC CEO Mauricio Ramos commented: ‘Growth returned to our LatAm markets during the second half of 2017, thanks largely to our strategic focus on building digital highways and accelerating the transition from legacy voice and SMS to high speed data services, both in mobile and fixed. In LatAm, our mobile business is growing again, and it is encouraging to see Q4 growth of more than 3% in Paraguay and Bolivia, countries where the transition from voice to data is more advanced … In Africa, we delivered on our commitment to generate positive free cash flow from the region in 2017. We also disposed of our operation in Rwanda, and we completed a merger in Ghana, consistent with our strategy to focus on the LatAm region.’

Luxembourg, Millicom International Cellular (MIC)