During GO plc’s 21st AGM, 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,” he said. “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, while earnings before interest, tax and amortisation (Ebdita) was recorded at €69.5 million compared to €65.6 million in 2017, a year-on-year increase of six per cent. The group’s operating profit reached €33.1 million, an increase of 12 per cent on the €29.5 million recorded in 2017.
“For the past year we have focused heavily on three main areas: adding value to our customers’ lives, developing a learning organisation and delivering returns to our shareholders, and I’m 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, GO CEO.
He 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 per cent of Group revenue is derived from Cablenet,” Patil added.