Digicel, the mobile phone company that was founded by Irish entrepreneur Denis O'Brien, said today that revenues for the year to the end of March 2009, rose by 11% to $1.73 billion.
Digicel’s full year EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) margin rose to 40%. It made a net profit of $41 million (€29.5 million) in the 12 months to the end of March 2009. This compared with a loss of $74 million in the previous year.
At a pretax level, Digicel posted a surplus of $113 million compared with a loss of $48 million in the previous period.
Subscriber numbers in the Caribbean and El Salvador markets rose by 9% to 7.1 million in the 12 month period..
Worldwide, Digicel operates in 31 markets across the Caribbean, Central America and the South Pacific. The subscriber base worldwide grew from 7.1 million to 9.2 million in total representing a growth rate of an impressive 34%.
Colm Delves, Digicel Group CEO, commented:“It’s been another great year for Digicel. We have again over delivered on our targets – and our brand is recognizable for providing best value, best service and the best network in 31 markets across the Caribbean, Central America and the South Pacific.
“Our focus continues to be on ensuring that our customers benefit from being with the Bigger, Better network and that - day in, day out – they can enjoy our innovative value offers and promotions, have access to the very best range of handsets available anywhere in the world and are supported by our award-winning customer service.”
During the year, Digicel raised US$350 million in a bond issue which provided funds to acquire a 38% stake in its sister company, Digicel Holdings (Central America) Ltd.
The firm said this was the first corporate emerging market high yield offering successfully completed since July 2008, "demonstrating investors’ continued faith in Digicel’s execution of its business plans."