The logo of America Movil is pictured on the wall at a reception area in the company's corporate offices, in Mexico City, Mexico January 25, 2022.
Controlled by the family of Mexican entrepreneur Carlos Slim, America Movil attributed the profit surge largely to a sharp drop in financing expenses, which were reduced by about half compared with the same period last year. The company also recorded a foreign-exchange gain, reversing a loss from the previous year.
For the quarter, the group posted a net profit of 22.7 billion Mexican pesos ($1.24 billion), while total revenues increased 4.2% year-on-year to 232.92 billion pesos. Both figures were consistent with projections from analysts surveyed by LSEG. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached 93.8 billion pesos, broadly in line with expectations. Earnings per share stood at $0.40.
America Movil operates across Latin America, the Caribbean, and several European markets. During the third quarter, Mexico’s peso appreciated by 7% over the previous 12 months and by just over 2% during the quarter, contributing to improved financial results. The company added more than 3 million postpaid mobile users, achieving its strongest mobile service revenue growth in over a year, up 7%. In its fixed-line segment, America Movil added approximately 526,000 new connections, primarily in Mexico.
JPMorgan commented positively on the results, stating: “We expect markets to receive the results well,” citing strong performance in Mexico’s prepaid segment and margin improvements in Chile, Paraguay, and Uruguay. The investment bank noted that continued momentum in Mexican mobile operations remains a major driver of free cash flow.
America Movil has also outlined expansion plans for the coming months. The company is considering the acquisition of Telefonica’s Chilean assets in collaboration with Chilean telecom firm Entel. It is also exploring a possible purchase of Brazilian internet provider Desktop. These potential moves indicate the group’s strategic focus on strengthening its regional footprint and diversifying service offerings across Latin America.
The company’s consistent growth reflects a broader trend of rising demand for mobile and broadband services in emerging markets, supported by increasing digital connectivity and expanding infrastructure. As the largest telecommunications provider in Latin America, America Movil continues to benefit from its extensive regional network, operational efficiency, and balanced financial management.
Overall, the third-quarter results underscored America Movil’s resilience amid shifting economic conditions, with profitability and subscriber growth both showing solid momentum. The firm’s strategic initiatives, combined with favorable market dynamics, are expected to sustain its competitive position and long-term growth across the region.
