Millicom rounded off 2022 with a strong quarterly performance, which CEO Mauricio Ramos (pictured) noted brought market share gains across its mobile and fixed operations despite a more challenging macroeconomic and competitive environment.

In Millicom’s Q4 2022 earnings statement, Ramos hailed a strong year for the company, during which it invested to modernise and upgrade mobile networks, and expand its fixed business to 822,000 new homes along with fibre gains.

Revenue increased 10.1 per cent year-on-year to $1.4 billion, largely due to consolidation in Guatemala, offsetting an 8.5 per cent depreciation in the Colombian peso.

However, the deal in Guatemala had a negative impact on net profit, which dropped 91.2 per cent to $57 million, after it booked a one-time non-cash gain of $670 million on the transaction in Q4 2021.

Ramos noted despite increased challenges, the company achieved equity free cash flow of $171 million.

“These results demonstrate Millicom’s ability to adapt to changing market conditions.”

The company ended the quarter with 40.6 million customers, an increase of 561,000, with gains in every country, including 200,000 net additions in Paraguay.

Capex stood at $266 million, as it added more than 670 points-of-presence to its 4G network, which now covers 80 per cent of the population of its operating markets, up from 78 per cent.