GO reports 12% increase in operating profit
GO holds 21st Annual General Meeting: investment and innovation to keep driving company's strategy
by Paul Cocks
GO p.l.c. has 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 21st Annual General Meeting, held on Tuesday, highlighted the company’s resolve to achieve stronger results and return on investment.
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,” Nikhil Patil, Chief Executive Officer at GO, said.
“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.”
He said 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.
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%,” he said.
GO Annual Report and Financial Statements are available online at www.go.com.mt
