América Móvil's net profits fell 60.4% in 2022

The telecommunications company América Móvil, owned by Mexican magnate Carlos Slim, reported a net profit of 76,159 million pesos (about 4,113 million dollars) at the end of 2022, revealed its fourth quarterly financial report to the Mexican Stock Exchange (BMV).

This result meant a drop at an annual rate of 60.4%after, in 2021, América Móvil closed the year with net profits of 192,423 million pesos (10,395.6 million dollars).

The annual fall of the telecommunications company has to do with the sale of TracFone and Panama, the spin-off of Sitios Latinoamérica and the deconsolidation of Claro Chile due to the new strategic alliance of the company of the Mexican billionaire Slim.

In addition, the unbundling of Claro Chile is punctual because “most of it is due to the depreciation of the Chilean currency against the Mexican peso in recent years,” the report cited.

According to the data from the fourth quarterly report of América Móvil, the income accumulated by the company of tycoon Slim between January and December of last year amounted to 844,501 million pesos (45,623 million dollars).

The former represented a increase of 1.7% compared to the same period of 2021, when the telecommunications company totaled revenues of 830,687 million pesos (44,877 million dollars).

Only in the last quarter of the year, América Móvil informed the BMV of a net profit of only 13,710 million pesos (740.6 million dollars), equivalent to a negative variation of 89.6%, compared to net benefits of 131,986 million pesos (7,134 million dollars) for the same period of 2021.

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According to América Móvil’s report to the BMV, its earnings in the fourth quarter are explained by the addition of 1.5 million postpaid customers and 1.8 million prepaid organically, totaling 3.3 million subscribers in the fourth quarter of 2022.

“Brazil, Austria and Colombia were the ones that contributed the most with postpaid earnings of 599,000, 322,000 and 160,000, respectively, while Mexico was the one that contributed the most with prepaid net additions of 975,000, followed by Colombia and Central America with 546,000 and 247,000, respectively”, indicated the company.

Income between October and December 2022 totaled 215,962 million pesos (11,673 million dollars), 2.4% lower than the 221,357 million pesos 11,965 million dollars) registered by the Mexican telecommunications company in the last quarter of 2021.

This decrease, América Móvil explained, occurred in terms of Mexican pesos, “since The Mexican peso appreciated against all of our main operating currencies, except the Brazilian real.

By sector, service revenues decreased by 1.4%, while at constant exchange rates, these revenues increased 6% year-over-year, with Eastern Europe leading with 9.6%, followed by Brazil with 9% and Mexico with 5.7%.

Meanwhile, revenues from mobile and fixed services increased 9.8% and 0.2%, respectively, at constant exchange rates, results driven by the postpaid sector that accelerated to 10.5% in this period.

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