AM 1Q22 revenues up 2.4% to MXN211.2bn; net income surges on Forex gains

27 Apr 2022

Mexico City-based telecoms giant America Movil (AM) has reported total revenues of MXN211.2 billion (USD10.4 billion) for the three months ended 31 March 2022, representing an increase of 2.4% year-on-year, from MXN206.3 billion. EBITDA for the first quarter increased 4.2% annually from MXN77.9 billion to MXN81.1 billion, while the company posted net income of MXN30.8 billion in 1Q22, compared to income of just MXN1.8 billion in the year-ago period. Note: AM says the improved bottom line is a result of foreign exchange gains stemming from the appreciation of the Mexican peso (MXN) versus the US dollar (USD) and the euro (EUR) during the period under review.

In operational terms, AM closed out March 2022 with a consolidated base of 289.743 million mobile subscriptions, up 6.3% from 272.655 million one year earlier. Meanwhile, AM’s total number of fixed line RGUs (including fixed voice, fixed broadband and pay-TV subscriptions) dropped 0.2% y-o-y, from 74.686 million to 74.540 million.

Mexico, America Movil (AM)