Millicom FY19 revenues jump 9.9% on the back of acquisitions

26 Feb 2020

Millicom International Cellular (MIC), which offers mobile and cable broadband in Latin America under the Tigo brand, has reported revenues of USD4.336 billion for the twelve months ended 31 December 2019, up from USD3.946 billion in 2018. Operating profit for the year under review decreased 10.1%, from USD640 million to USD575 million, while the group reported net income of USD149 million for 2019, compared to a net loss of USD10 million in 2018. The group credits its acquisitions of Telefonica’s Movistar businesses in Panama and Nicaragua with boosting its results; a third takeover, in Costa Rica, is still pending.

In operational terms, MIC reported that its Latin American mobile user base increased 18.3% on an annualised basis, to 39.846 million at 31 December 2019, while LatAm 4G customers surged 46.8%, to 15.398 million. In terms of fixed line metrics, the number of HFC RGUs jumped 12.0%, to 6.948 million. African mobile subscribers – at Millicom’s sole remaining unit in Tanzania – dropped 0.3%, to 12.686 million at the end of 4Q19.

Millicom CEO Mauricio Ramos commented: ‘2019 was a truly transformational year for Millicom. We began by listing on the Nasdaq Stock Market in the US and by focusing our efforts on the successful integration of Cable Onda in Panama, which we acquired in December 2018. In February, we announced our agreement to acquire market-leading mobile assets in Nicaragua, Panama, and Costa Rica, thus completing our product portfolio and enabling us to provide fixed-mobile convergent services in all nine of the countries where we operate in LatAm. Toward year-end, we took part in important spectrum auctions in El Salvador and Colombia, which will allow us to continue to grow and provide the high-quality service that our customers expect.’

Luxembourg, Millicom International Cellular (MIC)