Millicom 1Q18 revenues up 3.9%; CEO cites ‘strong momentum’

25 Apr 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 quarterly revenue of USD1.5 billion for the three months ended 31 March 2018, up 3.9% year-on-year. EBITDA, meanwhile, climbed 2.3% to USD554 million in Q1 2018, while MIC recorded a net profit of USD17 million for the three months under review, down from USD24 million in the year-ago period.

In operational terms, MIC reported that its Latin America mobile user base climbed 1.8% on an annualised basis, to reach 31.873 million at 31 March. LatAm 4G customers surged 97.3%, from 3.824 million to 7.545 million, while the number of HFC RGUs jumped 20.2% to 4.578 million. The group’s African unit – which now comprises operations in Chad and Tanzania following a series of divestments – accounted for 14.878 million subscribers as of 1Q18.

MIC CEO Mauricio Ramos said: ‘The strong momentum we saw in the second half of 2017 has continued into Q1 of 2018, and we are on track with our guidance. Over the past three years, we have significantly transformed the company, starting with our clear and simple strategy to focus our resources on deploying high speed data networks in Latin America. We are now beginning to reap benefits in the form of faster and more predictable revenue growth, improved cash flow and returns, and a stronger balance sheet.’

Luxembourg, Millicom International Cellular (MIC)