Millicom Q4 revenue up 10.1%
February 10, 2023
Millicom, the LatAm telco, has released its Q4 2022 results. Revenue was up 10.1 per cent YoY to $1.38 billion (€1.29bn) and operating profit increased 17.2 per cent to $203 million, reflecting the Guatemala acquisition. Service revenue was up 2.3 per cent to $1.15 billion, organically fueled by broad-based growth across business lines and countries.
Millicom Chief Executive Officer, Mauricio Ramos, commented: “2022 was a strong year for Millicom. Operationally, we gained or sustained mobile and fixed market share in the vast majority of our markets, and we continued to successfully execute on our strategy to accelerate growth in B2B. In Mobile, we continued to invest to modernise and upgrade our networks, and we were the first to introduce 5G service in Guatemala. In Home, we continued to expand our network to reach 822,000 new homes, and we pivoted our new build activity toward fibre-to-the-home. We now reach 12.6 million homes, of which 730,000 are already fibre.”
“Despite a more challenging macroeconomic and competitive environment, we achieved Equity Free Cash Flow of $171 million, in line with our budget and consistent with our three-year target, thanks to robust organic OCF growth of 8.4 per cent. These results demonstrate Millicom’s ability to adapt to changing market conditions and reflect the strength of our team, our brand, and the quality of the services we provide, backed by state-of-the-art networks and infrastructure.”
“In 2022, we also validated our science-based targets and were recognized as one of the top five employers globally in the Great Place to Work survey. I want to thank our 20,000 employees for their continued hard work and dedication. I am confident that, together, we will deliver another outstanding performance in 2023,” Ramos concluded.