Regional Market Overview
Latin America makes up 86 per cent of Millicom’s group revenue and is where we provide the broadest range of services across eight countries. In 2016, we had more than 32 million mobile customers (of which 11.8 million are smartphone data users) – 2.2 million more than at the end of 2015. Aligning with our strategy to further monetize data and build cable, in 2016 our Latin America markets organically grew mobile data revenue by 22.7 per cent, while total cable service revenue grew by 7.4 per cent. A 1.8 per cent fall in market revenue was mainly due to a decrease in sales of handsets and equipment. A reduction in capital expenditure was the result of tighter investment focus on HFC and 4G capabilities. Our performance in 2016 across most countries was strong despite a changing mobile and economic landscape. Guatemala, Bolivia and Costa Rica performed particularly well. El Salvador delivered solid results despite weak economic conditions and changes to the regulatory and political environment.