Mexican telecommunications firm America Movil expects to invest between $8 billion and $8.2 billion in 2023, which includes radio-frequency concessions, fiber-optic network expansions and digitalization.

The estimate is in line with the company’s plan to invest $24 billion over three years, Chief Financial Officer Carlos Garcia said in a call with analysts.

America Movil invested around $7.9 billion last year, which could bump up 2023’s capital expenditures “because we have some things (budgeted to be spent in 2022) that we are going to (spend on) this year,” Carlos Garcia said.

America Movil, controlled by the family of billionaire Carlos Slim, saw its fourth-quarter profit slide by 90 percent largely due to the deconsolidation of a Chilean subsidiary and currency headwinds.

America Movil expects to enact price hikes in 2023, though it is evaluating which countries will see the increases, executives said Wednesday on the call.