Mexico-headquartered America Movil attributed a big rise in profit to a sale of its US MVNO Tracfone Wireless to Verizon, which netted it more than $6 billion in Q4 2021.
Net income during the quarter rose 263 per cent year-on-year to MXN135.6 billion ($6.6 billion), compared with MXN37.3 billion a year earlier. Revenue increased 7.7 per cent to MXN227.3 billion, with service revenue up 5.4 per cent to MXN179.7 billion.
America Movil highlighted the addition of 4.8 million mobile subscribers, bringing the total mobile customer base to 287 million. The group also gained 72,000 new fixed broadband customers and now has 80.5 million fixed registered users.
The group’s biggest market is Mexico, where it had more than 80.5 million mobile customers by the end of 2021. Brazil is next with more than 70.5 million, followed by Colombia with 35 million.
Outside of Latin America, America Movil also owns the A1 Telekom Austria group and its operations in Central and Eastern Europe (CEE).
In Europe, it closed the year with 7.8 million mobile customers in Austria and 14.9 million in its six CEE markets.
America Movil’s full year profit increased 318 per cent to MXN196 billion.