GO Group registers record performance during 2022

11 May 2023

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GO’s Chief Executive Officer Nikhil Patil described 2022 as “a rewarding year with a semblance to pre-pandemic norms and despite the global marco-economic challenges, GO Group has had one of the most positive years yet.”

For the first time in the history of GO Group, consolidated revenues reached €214.6 million, a 10.8% increase on 2021 and an 11.1% growth in EBITDA which amounted to €81.4 million.

GO achieved revenues of €128.8 million, an increase of €11.1 million or 9.4% over 2021. The strong revenue growth was driven by substantial growth in fixed and mobile subscribers, higher levels of activity in international wholesale and provision of bespoke technical solutions.

2022 was an equally positive year for the Group’s operating subsidiaries. BMITT registered total revenues of €25.8 million, an increase of 1.9% over 2021. The Company consolidated its market leading position in data centre operations, and continued to successfully grow ancillary revenue streams such as cloud services, managed services and provision of hardware and software solutions.

Cablenet Communications Systems p.l.c., a quad play telecoms operator in Cyprus, generated total revenues of €63.9 million, an increase of 19.4% over 2021 reflecting subscriber gains across all the business segments.

Group Profit for the year amounted to €12.2 million, an increase of €1.7 million or 16.7% compared to the prior year, which is mainly driven by higher revenues that did not result in additional costs to acquire.

GO remains one of the best performing publicly listed companies in Malta. GO’s Chairman, Mr Lassaad Ben Dhiab, announced that based on this performance, the Board is recommending a final dividend of €0.09 per share, which in addition to the interim dividend of €0.06 per share paid on 31st August 2022, brings the total dividend distributions for financial year 2022 to €0.15 per share. Over a 5-year period, GO paid in excess of €120 million in net dividends to its shareholders.

“I have had the privilege to witness first-hand the resiliency of a company like GO and the ability and determination of the team to turn challenges into opportunities and deliver outstanding results, bringing immense value to the Group, its shareholders, and the Maltese community,” said Mr Ben Dhiab.

Mr Patil explained these results are only possible due to continued investment and commitment to bring greater value to its customers.

“2022 was a record year for our True-Fibre roll out with 63% of Malta and 57% of Gozo now covered by super-fast broadband. Our investment in True Fibre, not only brings the fastest and most reliable broadband speeds imaginable into households and businesses but is also preparing Malta for the ever-growing demand for data. It is also the cornerstone of a true 5G mobile experience, an experience in which we have already placed an initial investment of over €16 million that allowed us to expand our 5G network across the islands.”

“The very positive results announced today are the result of an ambitious investment strategy, increased customer focus, and a tight cost discipline. This has ensured further growth and diversification through targeted acquisitions such as our latest investment in green IoT company SENS Innovation,” he added.

“Our focus now remains unchanged. We shall continue to invest, roll-out fibre, deliver the best customer experience, complete our digitisation journey, minimise our environmental impact, but most importantly, continue to nurture the right culture that will help deliver our purpose of driving a digital Malta where no one is left behind,” concluded Mr. Patil.