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Nov 10, 2022, 17:00 ET
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H2 FY23 results for Digicel Haiti will be significantly impacted
KINGSTON, Jamaica, Nov. 10, 2022 /PRNewswire/ — Digicel Group Holdings Limited (“DGHL” or “Digicel”) provides the following market update on current trading conditions in Haiti and the impact they are having on its business.
The current security situation in Haiti has deteriorated considerably following a lifting of fuel subsidies in September 2022 resulting in public unrest, violence and substantial disruption to economic activity.
In addition to the very regrettable community and societal impacts, ongoing disruption to the country’s daily operations and particularly fuel supplies, has had a substantial impact on economic activity and Digicel’s operations in Haiti which depend on fuel to operate much of its network.
Digicel is working hard to ensure that key sites in terms of traffic and population coverage are operating as effectively as possible, though as much as 50% per cent of its national telecommunications network is experiencing disruption at any given time.
While it is difficult to forecast given the uncertainty in the market and fluctuations in the exchange rate, Digicel estimates the financial impact on Digicel Haiti in H2 FY23 (the six-month period ended March 31, 2023) will be significant. On a reported basis, assuming recent trends, Digicel estimates Adjusted EBITDA in Haiti will be in the region of US$25 – 35 million compared to US$74 million in the prior half year.
Commenting, Digicel’s Chairman, Denis O’Brien, said: “Our thoughts are with the people of Haiti as they suffer extreme community and societal impacts. At times like these, our priorities are our colleagues and our customers. As such, we have activated our emergency protocols to secure the safety of our staff and their families and to ensure business continuity.”
A further update on trading conditions in Haiti will be provided in our Q2 FY23 results call which will take place on November 29, 2022.
Head of PR
T: +1 876.564.1708 (Jamaica)
E: [email protected]
E: [email protected]
As a Digital Operator, Digicel is in the business of delivering powerful digital experiences 1440 minutes of each day to customers – that’s every minute, all day, every day.
Through its world-class LTE and fibre networks, together with its suite of 8 apps spanning sports (SportsMax), music (D’Music), news (Loop), local radio and podcasts (GoLoud), TV streaming (PlayGo), enhanced messaging and marketplaces (BiP), cloud storage (Billo) and self-care (MyDigicel app), Digicel is the only operator in its markets that can deliver that.
Serving consumer and business customers in 25 markets in the Caribbean and Central America, its investments of over US$6 billion and a commitment to its communities through its Digicel Foundations in Haiti, Jamaica, and Trinidad & Tobago have contributed to positive outcomes for over 3 million people to date.
With its Better Together brand, Digicel is making a promise of simply more to customers and communities and its 5,300 employees worldwide work together to make that a powerful reality day in, day out. Visit www.digicelgroup.com for more.
This release contains forward-looking statements within the meaning of the federal securities laws of the United States. Certain other jurisdictions may have analogous concepts. Such forward-looking statements reflect, among other things, management’s current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict.
Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any such forward-looking information, whether as a result of new information, future events or otherwise.
Our debt securities are not registered with the SEC or any other securities regulator and are not listed with any exchange. We have no intention of registering the securities in the United States or listing them with any exchange.
Certain figures in this release, including financial data, are rounded. Accordingly, corresponding calculated figures, including totals and percentage changes, may not be an exact arithmetic presentation of the corresponding figures.
This release contains non-GAAP financial measures as defined by Regulation G of the rules of the Securities and Exchange Commission.
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