Leading local telecoms operator GO plc has recorded an operating profit of €23.5 million in 2021.

The group released its financial statement for the year-earlier this week, showing strong all-round performance with revenue increasing €8 million (to €193.7 million), compared to the year before, while cost of sales decreased by €2.7 million.

The group recorded net finance costs of €5.6 million, leading to a profit before tax of €17 million and a profit after tax of €10.4 million.

In his statement accompanying the annual report, Nikhil Patil, GO’s CEO described 2021 as “undoubtedly a remarkable year,” expanding that the pandemic significantly impacted the economic and social fabric of society, and where market pressures persisting, with inflation driving up the cost of raw materials, energy and transportation.

This notwithstanding, Mr Patil explained that demand for “robust and resilient” communication systems persisted and that 2021 was “another year” where GO demonstrated its resilience.

Discussing the impact of the pandemic on GO’s workers, he acknowledged that the company could not serve its customers “brilliantly,” if it didn’t nurture its own people.

“We are working tirelessly to create the right culture where people can learn, grow, and thrive,” he expanded, pointing to the launch of GO Academy, which will provide additional technical and functional training to staff.

In 2021, he reported, the group effectively doubled its investment in staff training and development.

Mr Patil also addressed the group’s strong financial performance.

The increase in revenue was driven by subscriber gains in both fixed broadband and mobile verticals, while GO’s local telecommunications revenue increased by €0.9 million, compensating in part for lower levels of international roaming revenues resulting from travel restrictions.

The year was also “equally positive” for the group’s operating subsidiaries, with data centre operations leader BMITT recording €25.3 million in revenue – an increase of 5.5 per cent over 2020, and Cablenet recording an all-time high revenue of €53.5 million, an increase of 13.9 per cent over 2020.

Looking forward, Mr Patil stated that environmental sustainability is influencing both business strategy and consumer purchasing decisions across the globe, with attitudes towards climate change, increased awareness and a deep-set need for real change pushing companies to take tangible action to reduce their impact on the environment.

In the case of GO, he stated that the group has a strategy in place to significantly reduce its environmental impact over the next five years. This strategy includes a heavy investment in solar energy at the firm’s Zejtun, Malta offices and the transitioning to an electric fleet by 2023.