5 months ago
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Flow Jamaica generated US$415 million ($65 billion) in revenue for 2024, marking a 2.5 per cent increase despite disruptions caused by Hurricane Beryl.
Mobile subscribers rose by five per cent to over 1.2 million, comprised of 1.09 million prepaid and 127,400 post-paid customers.
During the year, new marketing strategies resulted in “higher average revenue per user following price increases, primarily in Jamaica”, said Chris Noyes, chief financial officer at Liberty Latin America, in an earnings call on Thursday. Liberty, which is Flow’s ultimate parent company, also reported strong performance in broadband internet services, with expansion and network upgrades.
While Flow Jamaica’s 2024 revenue was higher than in 2023, it trailed the US$429 million generated in 2022.
Liberty Latin America discloses revenue but not profit or loss for individual country operations.
Jamaica outperformed the broader Liberty Latin America group, which recorded a one per cent decline in revenue to US$4.45 billion and recorded a US$48-million loss in 2024. This compared to revenue of US$4.51 billion and profit of US$517 million in 2023. The 2024 decline was attributed to currency fluctuations, inflationary pressures, and increased competition in markets like Puerto Rico and Panama.
Hurricane Beryl swiped Jamaica in July 2024, causing significant damage to infrastructure, including telecommunications networks. “Hurricane Beryl impacted our Jamaica operations and certain smaller operations within C&W Caribbean,” Liberty said in its earnings report. The storm caused significant damage to homes, businesses, and infrastructure in Jamaica and parts of the Caribbean, leading to a loss of approximately 33,000 subscribers from broadband, fixed-line, and video services.
Liberty previously reported that the hurricane negatively affected revenue across the Caribbean by US$11 million and adjusted operating income by US$14 million. However, prepaid mobile revenue saw a positive impact.
The company spent US$16 million on repairs and network improvements, but did not report major impairments. Additionally, a US$44-million insurance payout from weather derivatives helped offset some losses.
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