The telecommunications company operating in over 20 countries across Latin America and the Caribbean Liberty Latin America announced its financial and operating results for the three months and six months ended June 30, 2024. Next, let's review some of the key points from Q2.
In the latest quarter, Liberty Latin America showcased impressive financial momentum, particularly in the C&W Caribbean region, which reported a year-over-year revenue growth of 3% and rebased growth of 4%. The Adjusted OIBDA in this region also saw a robust increase of 7% reported and 8% rebased. In Panama, C&W experienced strong subscriber growth with 51,000 postpaid mobile additions as a competitor exited the market, leading to a year-over-year revenue and adjusted OIBDA growth of 9% and 10%, respectively. Liberty Networks demonstrated strong enterprise growth, with a resilient MRR performance in the wholesale business and a 17% increase in year-over-year enterprise revenue. Despite some operational challenges following migration in Puerto Rico, the company expects significant improvement in both operating and financial performance in the second half of 2024. FInally, in Costa Rica, Liberty saw strong mobile momentum, with postpaid net additions up 65% year-over-year and reported and rebased revenue growth of 9% and 4%, respectively.
CEO Balan Nair made an executive summary of the Q2 developments: “We continued to drive operational and financial growth across most of our businesses in the second quarter with notably strong performances in Panama, Costa Rica and the Caribbean. In Puerto Rico, whilst we experienced additional challenges following completion of the mobile subscriber migration, we remain confident of improved performance in the second half," explained.
Then, he highlighted the great momentum Costa Rica is experiencing:"Our focus on broadband and postpaid mobile additions continued to drive positive results with over 100,000 net subscribers added in the second quarter across Central America and C&W Caribbean. This was more than double the prior-year and 28% higher than the first quarter. The results were driven by strong mobile growth in Panama, where we successfully won customers following the exit of a competitor, and continued momentum in Costa Rica. We also recently announced the combination of our business in Costa Rica with Tigo, which we will control following closing. Costa Rica is a great country to operate in and Liberty Costa Rica is a strong business for us. By combining Liberty and Tigo, the fixed operations will accelerate the transition to FTTH and will enable us to deliver exceptional high-speed services for consumers, provide enhanced customer experiences, drive innovation, and offer growth opportunities for our people", he added.
Finally, based on these results, the executive forecasted what the second half of the year will look like: “Looking to the second half of the year, we anticipate a significant inflection in financial performance as we move past impacts from our Puerto Rico migration and begin to execute on our growth plans in that market, while maintaining healthy positive momentum across the rest of the group. In Puerto Rico, we now expect synergies, operating cost improvements and top line sequential growth will drive Adjusted OIBDA to more than $45 million per month towards the end of the second half.We remain confident in achieving our medium term targets, and repurchased 12 million shares in the first half of the year, as well as redeeming our convertible notes that were due in July. In aggregate, this represents over $300 million of capital, which is equivalent to our entire spend in 2023," commented.
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