Digicel boosts its revenue by 11%

DENIS O’Brien’s Caribbean-based mobile communications network provider, Digicel, has reported an 11% rise in revenues for the year to the end of March to $1.73 billion (€1.25bn).

The company has also seen total subscriber levels go from 7.1 million to 9.2 million people, rising by 34% in the last year.

The company, which was established by Mr O’Brien in 2001, now covers 31 geographical markets from the Caribbean and Central America to parts of Oceania and the southern Pacific Ocean.

Towards the end of last year, it added Honduras and Panama to its list of markets.

And Digicel also has long-term ambitions to enter such leading developmental markets as China and India.

Commenting on last year’s performance, Digicel group chief executive Colm Delves said: “It’s been another great year for the group.

“We have again over-delivered on our targets and our brand is recognisable 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.”

Last year’s highlights also included ratings agency Moody’s upgrade of Digicel from a B3 to B2 rating, on the back of its successful new market launches; reductions in its start-up expenses and lowering of the company’s debt levels.

The company is now the biggest wireless telecoms firm in the Caribbean region.

In a country like Haiti, Digicel controls around 65% of the telecommunications market.

However, more tellingly, mobile phone network penetration has gone from 5% to over 30% since Digicel’s entrance to the market.