Millicom Reports Flat 2018 Revenues At USD4.1 Billion, Posts Net Loss Of USD 10 Million

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 revenues of USD4.1 billion for the twelve months ended 31 December 2018, unchanged on an annual basis. Operating profit for the year under review increased 1.5%, from USD645 million to USD655 million, while the group reported a net loss of USD10 million for 2018, compared to a net profit of USD86 million in 2017.

In operational terms, MIC reported that its Latin American mobile user base increased 1.6% on an annualized basis, to 32.419 million at 31 December 2018, while LatAm 4G customers surged 46.2%, from 6.902 million to 10.081 million. In terms of fixed-line metrics, the number of HFC RGUs jumped 42.0%, to 6.203 million. African mobile subscribers, meanwhile, increased 8.8%, to 15.911 million at the end of 4Q18.

Millicom CEO Mauricio Ramos commented: ‘I am extremely pleased by our strong performance in 2018 on many fronts. We delivered on all our operational and financial targets, and we made great strides toward increasing our focus on LatAm by divesting our operations in Rwanda and Senegal and acquiring Cable Onda in Panama. We capped the year by completing our registration with the US SEC, allowing our shares to begin trading on the NASDAQ stock market in January. As we begin this new chapter as a US-listed company, we are introducing our medium-term growth plans. The new year is off to an exciting start, and the Millicom management team remains laser-focused on creating shareholder value and once again delivering on its commitments in 2019 and beyond.―Tele Geography