Millicom CEO Mauricio Ramos (pictured) indicated the company performed strongly in Q2 with growth across all of its countries, as it progressed a plan to separate its financial technology and infrastructure assets.
In its results statement, Ramos expressed confidence it would be in a position to begin “unlocking and crystallising value” from the spun-off assets through transactions expected to take place in 2023.
Ramos acknowledged global economic issues as factors impacting Millicom’s Q2, but said the company had “continued to perform strongly and ahead of our plans”.
Although pointing to gains across its markets, Ramos singled-out Colombia, which booked service revenue growth of 8 per cent fuelled by a shift towards post-paid contract customers in its mobile operation. This, he attributed to being a result of its recent investments in spectrum, network and distribution.
Across the whole business, which is focused on central and south America following its Africa exit, Millicom posted revenue of $1.5 billion.
Its top line represented a 44.6 per cent year-on-year jump, though this was largely attributed to the inclusion of the whole of Tigo Guatemala after buying out its JV partner in late 2021.
Organically, revenue would have risen by 5.5 per cent.
Net profit was $129 million, which compares with a loss of $100 million in Q2 2021.