The top 10 operators in the new Global 100 ranking include a name from Latin America for the first time.
America Movil's recent endeavours to build up its business both at home in Mexico and int he Latin American region as a whole have pushed it up to number nine in the rankings, up from 15th place in both 2010 and 2009. And with lofty ambitions to do more, the mobile operator group could mount a credible challenge for a higher placing in coming years.
The telco added more than €15 billion to its revenues in 2010, recording a turnover of €36.75 billion, in no small part due to the consolidation of fixed-line operator Telmex into its results from 1 July 2010. America Movil is currently in the process of acquiring the 40% of Telmex it does not already own. It has also recorded strong growth in key markets, particularly its Mexican wireless business and its Brazilian operation, which each contributed more than 25% to turnover.
America Movil has ambitious growth plans, insisting in its most recent 20-F report that it aims to build on its position, and crucially its subscriber base, in Latin America and the Caribbean, "both by developing our existing businesses and by making strategic acquisitions when opportunities arise."
However, the operator's strategy has triggered some concerns that it might sacrifice profitability for growth. America Movil CFO Carlos Garcia Moreno Elizondo told analysts on a conference call on its Q2 results in July that the company will keep a close eye on EBITDA, but that it will prioritise growth. "We have been always careful on EBITDA, but I think what we need to do is to take advantage of the growth in Latin America," he said.