September 22, 2020

Digicel group nets US$1.1B before taxes

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Digicel Group Limited on Tuesday (5) announced a strong set of financial results for the year ended March 31.

With subscribers increasing by 27 per cent to 12.8 million and revenues for Digicel Group Limited (which comprises 30 markets in the Caribbean, Central America and the Pacific) up 14 per cent to US$2.54 billion, earnings before interest taxes margins remained steady at a robust 45 per cent.

The company posted EBITDA of US$1082 million – up from US$954 million in the previous year – representing a year-on-year increase of 13 per cent. Value Added Services and data revenues increased by an impressive 47 per cent year-on-year and now account for 20 per cent of overall service revenues. This growth was supported in part by Digicel’s 4G Mobile offering, which is now available in 14 markets across the globe (with further rollouts planned) and by the rise in smartphone usage. The diaspora business meanwhile saw its revenues grow by 28 per cent year on year.

Digicel’s balance sheet and liquidity position has continued to improve with cash reserves of more than US$657 million as of  March 31. The group’s strong financial performance has been endorsed by ratings agency, Fitch, which in May reaffirmed the group’s debt rating, citing its “strong operational performance”.

Commenting on the performance, Digicel Group CEO Colm Delves said: “I am pleased to report that Digicel has closed out another strong year in which, for the first time in our 11-year history, our annual EBITDA was over US$1 billion. With 12.8 million subscribers across 30 markets, Digicel has delivered 14 per cent revenue growth, placing us at the leading edge of performance amongst telecoms operators worldwide.”

He continues, “I would like to take this opportunity to thank our customers for their loyalty to Digicel and our partners and staff who always go the extra mile to ensure that our customers benefit from what we do and how we do it.”

Digicel Group Chairman and Founder Denis O’Brien commented: “The results announced today reflect the continued growth and development of Digicel in the Caribbean, Central America, and Asia Pacific. The success of Digicel is due to the commitment of a very strong management team and workforce whose sole focus is on the highest standards of service delivery in all markets.”

Key achievements

Key achievements include:  Rollout of 4G services based on HSPA+ technology in 14 markets – Aruba, Bonaire and Curacao, Barbados, Cayman Islands, Fiji, Haiti, Panama, Papua New Guinea, Samoa and Vanuatu; acquisition of Voila in Haiti and the completion of the acquisition and integration of Claro in Jamaica; spearheading a US$16 million “Fibralink” extension that will connect Haiti to the global economy through broadband services from July 2012; ongoing positive impact on communities by the Digicel Foundations – with a total of US$25 million invested in community projects in Haiti in the five years of the foundation’s existence  and a commitment to building a further 80 schools by the end of 2013, in addition to the existing 70 already opened; the completion of 52 projects in the year, which have positively impacted over 25,000 people in Jamaica, and the funding of 53 infrastructure projects in Papua New Guinea in the year (more than double the previous year).

Digicel’s investment across its 30 markets worldwide totals US$4.5 billion and the company employs more than 4700 people worldwide.  After 11 years of operation, Digicel Group Limited has more than 12.8 million customers across its 30 markets in the Caribbean, Central America, and the Pacific. The company is renowned for delivering best value, the best service, and the best network. Digicel is the lead sponsor of Caribbean, Central American, and Pacific sports teams, including the Special Olympics teams throughout these regions. It sponsors the West Indies cricket team and is also the title sponsor of the Digicel Caribbean Cup. In the Pacific, Digicel is the proud sponsor of several national rugby teams and also sponsors the Vanuatu cricket team.

Digicel also runs a host of community-based initiatives across its markets, and has set up Digicel Foundations in Jamaica, Haiti and Papua New Guinea which focus on educational, cultural, and social development programmes. Digicel is incorporated in Bermuda and its markets comprise: Anguilla, Antigua and Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, Fiji, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Jamaica, Martinique, Nauru, Panama, Papua New Guinea, Samoa, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname, Tonga, Trinidad and Tobago, Turks and Caicos, and Vanuatu. Digicel also has coverage in St Martin and St Barts in the Caribbean.

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