Millicom International Cellular (MIC), which offers mobile and cable broadband in Latin America and mobile services in selected African markets under the Tigo brand, has reported quarterly revenue of USD1.5 billion for the three months ended 30 September 2018, up 0.3% year-on-year. EBITDA, meanwhile, jumped 2.2% to USD564 million in Q3 2018, while MIC recorded a net profit of USD68 million in the third quarter, up from USD21 million in 3Q17.
In operational terms, MIC reported that its Latin America mobile user base dropped 0.2% on an annualised basis, to 31.625 million at 30 September 2018. LatAm 4G customers surged 52.4%, from 5.622 million to 8.570 million however, while the number of HFC RGUs jumped 20.0%, to 5.046 million. African mobile subscribers increased 9.7%, to 15.584 million at the end of 3Q18, meanwhile.
MIC CEO Mauricio Ramos said: ‘Our strategic focus on 4G and cable network deployment continued to deliver solid organic growth in Q3, and this leaves us well on track to meet our goals for the year. I am particularly pleased to see that our LatAm Home unit sustained growth of more than 12% for a second consecutive quarter, thanks to impressive growth in developing cable markets such as Bolivia and Guatemala, as well as solid performance in Colombia … Our solid organic growth is also generating healthy cash flow and providing us with the financial capacity that allowed us to capitalise on the opportunity to acquire Cable Onda, the premier cable asset in LatAm. This acquisition fits perfectly with our strategy: it accelerates our expansion into cable, it completes our footprint in Central America, and it gives us a strong market leadership position in Panama, a fast-growing, dollarised, and investment-grade economy.’