Millicom reported a “strong” 2022 in its latest Q4 financial report despite macroeconomic challenges and stated market share growth in mobile and fixed lines in the majority of its units.
In a statement, Millicom CEO Mauricio Ramos said the company will continue to invest and modernise networks, pointing to its introduction of 5G services in Guatemala as an example.
Revenue in the quarter grew 10.1% to US$1.38 billion which was attributed mainly to its acquisition of Tigo in Guatemala, which offset an 8.5% weakening of the Colombian peso.
But the deal impacted net profit which plunged 91.2% from US$643 million to US$57 million. The Guatemala transaction saw the company book a one-time non-cash gain of US$670 million.
At the end of the quarter, Millicom recorded 10.6 million customers which was an increase of 561,000 with gains seen across all of its units including 200,000 in Paraguay (mostly in prepaid).
Capex was US$266 million in the quarter as Millicom added 670 points of presence to its 4G network, which now totals 17,900, a 14% increase year-on-year. The group’s 4G coverage now covers 80% of the population which is a rise of 2% year-on-year.