Digicel, the Caribbean’s largest mobile telephone service provider with operations also in Central America and the Pacific reported strong financial performance for the six months ended September 30, 2011.

Digicel Group Limited – which comprises the 30 markets of the Caribbean, El Salvador and the Pacific – reported revenues up 16 per cent year on year to US$1.24 billion for the first half of the fiscal year. EBITDA (earnings before interest, taxes, depreciation and amortisation) was up 15 per cent year on year to US$524 million for the six month period with the most recent quarter contributing US$270 million EBITDA.

With subscribers up 14 per cent year on year to 11.1 million across Digicel’s 30 markets worldwide, performance has been strong across the board with revenue growth in all of Digicel’s major markets including El Salvador, French West Indies, Haiti, Jamaica, Papua New Guinea and Trinidad and Tobago. Haiti in particular experienced rapid growth adding 830,000 new subscribers in the first six months of the financial year. Revenue earned from value-added-services like web browsing and messaging, was up 47 per cent year on year, helped by strong demand for smartphones. Digicel has also signed an agreement to extend and upsize its senior credit facility, which will see US$282 million new funds committed.

Digicel Group CEO, Colm Delves said: “Our latest set of financial results reflect Digicel’s ongoing strong growth and outperformance of our industry peers. I am pleased to report that we have seen growth across the board and are also continuing to diversify our revenue mix with significant increases in value added services.

“The refinancing of our senior credit facility was well supported and provides us with further balance sheet flexibility. I would like to thank our customers and staff for their ongoing commitment to Digicel and to assure them of our continued focus on delivering best value, best service and best network – and to giving back to our communities.”

Speaking with Caribbean Business Report, Delves further added that as at the end of September and before the receipt of new funds, Digicel had over US$400 million in cash on its balance sheet.

“We are on a run rate to hit over US$1 billion of EBITDA for the full year and are pretty bullish for the rest of the year.

Key achievements in the period include:

* Launch of 4G services based on HSPA+ technology across the Cayman Islands and the Dutch Caribbean (Aruba, Bonaire and Curacao) — with further markets planned;

* Successful execution of the Haiti expansion strategy with a total of over 3.4 million subscribers at 30th September 2011;

* Launch of ‘Cellmoni’ mobile money service in Papua, New Guinea; and

* Sale of Digicel Honduras to America Movil, and the acquisition of their Claro Jamaica business (which closed after the half year end on November 30, 2011).