Millicom returned to profit in Q1, citing a recovery to pre-Covid 19 (coronavirus) activity levels largely fuelled by record net customer additions in its mobile business.
The operator hailed its strongest Q1 performance in mobile, with a total of 1.1 million customers added and service revenue up 1.3 per cent year-on-year to $1.4 billion. Net additions from Colombia and Honduras accounted for 25 per cent of its total.
CEO Mauricio Ramos (pictured) said Q1 showed operational and strategic investments over the past year were paying off. “After an incredibly strong Q1, we now have more customers, and we are generating more revenue, more EBITDA and more OCF than we did one year ago, before the pandemic.”
Millicom ended the period with 42.8 million mobile customers, almost half of which were on 4G plans.
Ramos also pointed to strategic developments including agreements signed to dispose of its remaining operations in Afric [1]a through a deal to sell its business in Tanzania.
“We are very pleased with the outcome and plan the proceeds to reduce our net debt”, which stood at $6.2 billion at end-March.
The operator reported net profit of $42 million compared with a $122 million loss in Q1 2020, with revenue flat at $1.1 billion.
[1] https://www.mobileworldlive.com/featured-content/top-three/millicom-concludes-africa-exit
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