GO has reported a profit before tax of €28.1 million, the company announced today.
It said its robust performance was underpinned by significant year on year increases in revenues, which grew by €33.3 million to €157 million, and in group earnings before interest, tax, depreciation and amortisation (EBITDA) which grew by €10 million to €61.6 million, an increase of 19.4%. A dividend of 11c net of tax is being recommended.
CEO Yiannos Michaelides said the fact that the company delivered another very satisfactory year was encouraging and it was now also in a position to look ahead at greater growth potential.
The acquisition of a controlling interest in Cablenet, based in Cyprus, was a major milestone because, whilst consolidating GO's position as the leading telecommunications service provider in Malta, the group now also had a significant presence in another market, which was double the size of Malta.
During the year, the group also acquired a controlling interest in ICT solutions company Kinetix, helping GO move closer to achieving its ambition to become a 360 degree ICT powerhouse in Malta.
These factors, combined with the continuing strong operational performance of the rest of the group and its investments in Malta’s communications infrastructure, particularly Fibre-to-the-Home, meant that GO was very well placed to look to the future with optimism, he said.
Operating profit, which amounted to €26.3 million (2015: €27.8 million), represents underlying growth in operating performance if one took into consideration the impact of amortisation of intangible assets created upon the acquisition of Cablenet and Kinetix. Profit before tax amounted to €28.1 million (2015: €34.2 million).
Cash generated from operations amounted to €63.8 million, an increase of €27 million over 2015, as a result of improved cash generation from Malta operations as well as the consolidation of Cablenet.
Chairman Nizar Bouguila said that GO would continue to pursue its stated objectives of providing the very best in communications, IT and entertainment services to customers, and to being Malta’s leading integrated telecommunications services provider.