Broad-based growth continued in Q3


Millicom Chief Executive Officer Mauricio Ramos commented:

"We had another excellent quarter in Q3, with every business line and every country in Latam contributing to our solid performance. In Colombia, we continued to leverage our mobile network superiority to grow our customer base, adding 359,000 mobile customers, including 249,000 in postpaid. Our robust commercial performance is producing strong momentum for mobile service revenue, which grew 6.5% year-on-year and 4.1% sequentially. El Salvador led the way with service revenue growth of 18.0%, a direct result of recent investments to acquire spectrum and expand our network in that country.

During Q3, we resumed shareholder remuneration, repurchasing nearly 1% of our shares outstanding, and we continued to reduce our financial leverage. We remain on track to deliver on our OCF target of at least $1.4 billion for 2021, as we continue to execute on our 2021 investment plan, which includes our Colombia mobile network expansion, as well as the modernization of our mobile networks in El Salvador, Honduras, Paraguay and Bolivia. Additionally, during the quarter we continued to invest in our Tigo Money business and in our infrastructure, and we have projects underway to carve out these valuable assets from our core business to provide optionality to optimize their capital structure and unlock value in the future.

Now more than ever, we measure our success not only by looking at our financial results and at our balance sheet, but also by measuring our contribution to the lives of our employees and of the people in the communities we serve, while also reducing our impact on the environment. During the quarter, we made significant progress on many facets of our ESG agenda, and we plan to announce Paris-aligned emissions reduction targets in the near future. We recognize and embrace our role as an agent of positive change in our region, and the work we do every day to connect more people to our digital highways is a source of tremendous pride for me personally, and for each of our 21,000 employees. We remain very focused on nurturing and strengthening the Sangre Tigo culture that motivates our teams and drives our performance."

We hit a GOL on education - Joining forces with Fundación Real Madrid

In this latest addition to our quarterly results video series, and at the core of our business purpose - to build the digital highways that connect people, improve lives, and develop communities - we’re proud to share our alliance with the Fundación Real Madrid.

As part of our corporate responsibility efforts in education, we’re pleased to announce that this collaboration will benefit more than 11,200 boys and girls and their families to be trained in the responsible and productive use of the Internet. 

Over the next five years, this alliance will facilitate more than 65 social sports projects in nine Latin American countries (Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and Paraguay) the United States.

“This alliance is based on values ​​that we share with Real Madrid to improve education and the future of children because connectivity and football bring people together.” CEO Mauricio Ramos

We invite you to take a look at this interview with our CEO Mauricio Ramos for more details. Watch and enjoy!


Check out our previous features:

 Quarterly Series   Videos
 Q2 -2021  Behind the meaning of Sangre Tigo
 Q1 -2021  Tigo Business teams up with AWS
 Q4 - 2020  30th anniversary
 Q3 - 2020  Panama - Becoming Tigo