Millicom ends 2019 with 3.5 million cable customers

On its Q4 2019 results report, Millicom -which operates in Latin America under the ‘Tigo’ brand-, reports to have added 63 thousand HFC customers in the period and 351 thousand  during the year, to reach 3.5 million at the year-end. In addition, the company informed that, in its residential cable business, it expanded its HFC network co cover an additional 248 thousand homes, mostly in Bolivia, Colombia and Paraguay.

According to Millicom’s results report,  it added 24 thousand HFC customer in Colombia during the quarter to end 2019 with roughly 1.4 million.  In Paraguay, the company’s home business grew 7.5% during the quarter, while the number of customers on its HFC network increased at about twice that rate. In Bolivia, the company highlighted that its residential business has more than doubled, going from 231 thousand customers at the end of 2017 to 511 thousand at the end of 2019. At the same time, in Panama, Millicom reported that its home business was down slightly due mostly to a decrease in customers on DTH (more than 10 thousand during the year). In contrast, the number of customers on its HFC network has remained stable for most of 2019. In its operating results, Millicom considers ‘HFC Customer Relationships’, which does not include DTH customers.

‘2019 was a truly transformational year for Millicom. We began by listing on the Nasdaq Stock Market in the U.S. and by focusing our efforts on the successful integration of Cable Onda in Panama, which we acquired in December 2018. In February, we announced our agreement to acquire market-leading mobile assets in Nicaragua, Panama, and Costa Rica, thus completing our product portfolio and enabling us to provide fixed-mobile convergent services in all nine of the countries where we operate in Latam. Toward year-end, we took part in important spectrum auctions in El Salvador and Colombia, which will allow us to continue to grow and provide the high-quality service that our customers expect’, said Mauricio Ramos, CEO at Millicom.