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28 May 2019
by Helena Esnerova
12% Increase In GO’s Operating Profit
Investment, Innovation to keep driving GO’s strategy
During GO p.l.c’s 21st AGM held earlier today, Chairman, Mohamed Fadhel Kraiem praised the company’s resolve to achieve stronger results and return on investment that continues to add value to the company’s shareholders and the Maltese economy at large.
“This year’s results and focused strategy confirm GO’s commitment to remain a major player in the growth of Malta’s economy. We recognise GO’s important role in Maltese society not only as a major contributor to economic development but also to ensure Malta’s connection to the rest of the world. Over the past 10 years, we have invested over €240 million and will continue to invest millions more every year to keep delivering the best technologies in the coming years.”
GO announced that revenues reached €171.8 million during 2018, compared to €166.3 million a year earlier, whilst earnings before interest, tax and amortisation (EBITDA) was recorded at €69.5 million compared to €65.6 million in 2017, a year-on-year increase of 6%. The Group’s operating profit reached €33.1 million, an increase of 12% on the €29.5 million recorded in 2017. A dividend of €0.14 per share, an increase of 7.7% over 2017 was recommended by the Board and approved by the shareholders.
“For the past year we have focused heavily on three main areas: adding value to our customers’ lives, developing a learning organization and delivering returns to our shareholders, and I am very proud of my team as we continue to make great progress on all fronts. Our considerable investment in our networks and our people, and innovation in our products and services has driven a very positive performance during 2018. Our aim is to ensure long term sustainability while finding opportunities to provide greater returns to our shareholders,” said Nikhil Patil, Chief Executive Officer at GO.
He explained that 2018 was yet another very positive year for the Group and is the result of a Board with a great vision, and aligned team that is driven and committed to deliver.
Nikhil Patil explained GO’s major milestones throughout the past financial year, namely continued customer growth in Malta and Cyprus, innovation in GO’s product portfolio and its ongoing investment in technology and its True Fibre rollout, and its mission to strengthen its relationship with customers through robust customer relationship management solutions.
“GO continued to deliver a strong performance from its core operations, coupled with impressive growth from our data and ICT services through BMIT and Kinetix. Our Cypriot subsidiary, Cablenet, has also proved to be a key contributor to the overall growth. Today, 19% of Group revenue is derived from Cablenet. Cablenet delivered a revenue growth of 8% and an EBITDA growth of 10.5%,” continued Nikhil Patil.
Reuben Zammit, Chief Financial Officer gave a more in-depth analysis of the Groups Financial performance for 2018.
GO Annual Report and Financial Statements are available online at www.go.com.mt