Q3 2024 America Movil SAB de CV Earnings Call Transcript
Key Points
- America Movil SAB de CV (AMXOF) added 1.8 million subscribers in the third quarter, with significant contributions from Austria, Brazil, Colombia, and Mexico.
- Service revenue expanded by 11.3% in Mexican peso terms, with EBITDA increasing by 11.9%, reflecting strong operational performance.
- The company achieved a net profit of MXN6.4 billion, nearly tripling from the previous year, driven by higher operating profit and reduced financing costs.
- America Movil SAB de CV (AMXOF) maintained a low leverage ratio, ending the quarter at 1.34 times last 12 months EBITDA, aligning with their Investor Day commitments.
- The company received a third-year A rating upgrade by MSCI, highlighting improvements in corporate governance, security, and data privacy.
- The company experienced disconnections in the prepaid segment, particularly in Brazil and Mexico, with 243,000 and 136,000 disconnections respectively.
- Net debt increased by MXN47.3 billion relative to December 2023, partly due to the depreciation of the Mexican peso impacting non-peso financial obligations.
- Despite growth in service revenue, the decline in PayTV revenue continues, albeit at a less significant rate.
- The competitive dynamics in the fixed broadband market in Mexico remain challenging, with increased competition impacting net additions.
- Currency depreciation in Latin America poses potential risks to shareholder remuneration and CapEx plans, although no changes have been announced yet.
Good morning. My name is Nadia, and I will be conference operator today. At this time, I would like to welcome everyone to America Movil's third-quarter 2024 conference call and webcast. (Operator Instructions) Now I will turn the call over to Ms. Daniela Lecuona, Head of Investor Relations to begin.
Thank you. Good morning, everyone. Thank you for joining us today to discuss our third quarter financial and operating results. We have on the line Mr. Daniel Hajj, CEO; Mr. Carlos Garcia Moreno, CFO; and Mr. Oscar Von Hauske, COO.
Hi. Good morning. Welcome to America Movil Third Quarter Financial and Operating Report. And Carlos is going to make a summary of the results.
Thank you, Daniel. Good morning, everyone. Well, interest rates in the US and several
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