America Movil 4Q20 net income surges 79.6% to MXN37.3bn

10 Feb 2021

Carlos Slim-backed America Movil (AM) has reported revenues of MXN255.0 billion (USD12.7 billion) for the three months ended 31 December 2020, down 3.1% from MXN263.1 billion in 4Q19. EBITDA for Q4 climbed 1.3% to MXN82.9 billion, while the company’s fourth quarter net income reached MXN37.3 billion, up 79.6% from MXN20.8 billion in the last three months of 2019.

The group noted: ‘Going into the fourth quarter the economic recovery already underway appeared to be picking up speed throughout most of our region of operations, with confidence levels shooting up in November following the US presidential election and, shortly thereafter, the announcements of the approval of vaccines meant to ward off the COVID-19 virus. In this context the Latin American currencies, which had depreciated sharply against the US dollar as the pandemic began, strengthened notably, with the Mexican, Colombian and Chilean pesos rising approximately 10% vs. the dollar during the quarter.’

In operational terms, AM closed out December 2020 with a consolidated wireless user base of 287.497 million subscribers, up 3.4% from 278.027 million one year earlier. Mexico remains the company’s largest single market in terms of cellular connections, with 77.789 million customers, followed by Brazil with 63.140 million. Meanwhile, AM’s total number of fixed line RGUs (including wireline, broadband and pay-TV) dipped 0.7% y-o-y, to 80.740 million in 2020. Brazil accounted for the lion’s share of these, with 32.648 fixed RGUs as of end-2020.

Mexico, America Movil (AM)