Integrated telecommunications services provider GO Group on Wednesday announced that it registered €22.1 million in pre-tax profit in 2022, representing a 23 per cent increase from the previous year’s figures.
This comes after for the first time in its history, the group’s consolidated revenues reached €214.6 million, a sharp 10.8 per cent increase from 2021’s €193.7 million. This strong revenue growth was primarily driven by substantial growth in fixed and mobile subscribers, higher levels of activity in international wholesale, and also the provision of bespoke technical solutions.
Cost of sales also increased from 2021’s €120.5 million to €135.7 million, while administrative and other related expenses also rose to €53.1 million.
Its operating subsidiaries also experienced a positive 2022, with BMIT Technologies plc and Cablenet Communications Systems plc recording €25.8 million and €63.9 million in revenue, respectively.
GO Group’s total assets expanded to €396.2 million (2021: €368.6 million), while its total liabilities amounted to €297.2 million (2021: €258.7 million).
Total dividend distributions during the year amounted to €0.15 per share, and the group’s Board of Directors recommended that the Annual General Meeting approves the payment of a final divided of €0.09 net of taxation per share, which will have a total sum of €9.1 million in net dividend. The group also announced that the final dividend for 2022 will be paid on 15th May 2023 to all shareholders who are on the shareholders’ register as at 11th April 2023.
GO Group Chairman Chairman Lassâad Ben Dhiab / LinkedIn
Commenting on the results, Chairman Lassâad Ben Dhiab remarked that the past couple of years have “brought many companies to their knees” due to the COVID-19 pandemic, the war in Ukraine, inflation, an energy crisis, along with increased pressure for action against climate change.
“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,” he said.
He explained that the world’s dependency on fast, reliable, and resilient broadband connectivity has “never been more prevalent”, and GO Group is on track to potentially make Malta the “first EU country having nationwide coverage of True Fibre”.
Mr Ben Dhiab added that the group’s “commitment” to an “ambitious investment strategy” and a “tight cost discipline”, has helped it grow and diversify, with this work ethic prompting “another very positive year” for GO.
He continued by saying that “such achievements are nothing short of remarkable” given the climate in which the group is operating.
GO Group CEO Nikhil Patil said that 2022 proved to be a “rewarding” year for the group, and was the first year with a semblance to pre-pandemic norms. Despite the aforementioned macroeconomic challenges, he highlighted the group’s “resilience in the face of adversity”, which prompted it to have “one of the most positive years ever”.
GO Group CEO Nikhil Patil
“2022 was by far a record year in terms of our True Fibre roll out. We successfully passed more than 50,000 homes with fibre bringing the total number of homes with True Fibre to 224,000 (63 per cent coverage),” he explained.
He also made reference to the investment in its 5G network, and the enhancement of its IoT solutions portfolio, particularly through the acquisition of SENS Innovation Group Limited last year.
“As a company, we continued to grow and exceeded our targets. We continued to invest and diversify the business. As a team, we worked closely together and learnt new things. We brought greater value to our customers and shareholders, making their lives better every day. All these efforts contribute to the long-term sustainability of the company,” Mr Patil said.
He continued by highlighting the group’s intention to drive a “digital Malta where no one is left behind”, with a focus on investment, rolling out fibre, customer experience, completing its digitisation journey, minimising its environmental impact, and particularly, to “continue to nurture the right culture, making GO a great place to work and grow as individuals”.
Mr Patil concluded by thanking the Board for its support and guidance, and the group’s team that “no matter what, strives for excellence”.